Ethereum Price Prediction: The Downside Momentum Remains Strong; ETH/USD Moves Below $175

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ETH Price Prediction – November 19

Ethereum (ETH) extends the decline below $175 as the bears engineered a strong sell-off.

ETH/USD Market

Key Levels:

Resistance levels: $186, $196, $206

Support levels: $160, $150, $140

ETHUSD – Daily Chart

Ethereum (ETH) price is currently declining and it is trading below the $9-day and 21-day moving averages. ETH/USD is currently holding the $171 support level, but there is a risk of more downsides in the near term. The pair is currently consolidating near $174 and it could decline towards the $167 support. Ethereum price is struggling to resume higher and the price might revisit the $177 support level before it could climb again.

Furthermore, if there is an upside break above $177, the price could test the $182 resistance level. Any further gains might push the price towards the $186, $196 and $206 resistance levels. On the downside, the $167 level is initial support. If there are more downsides, the price could test the critical support levels of $160, $150 and $140, where the bulls are likely to take a stand.

Looking at the chart, the Ethereum price is yet to show some positive signs above the $175 support, but it might dip further in the short term. Moreover, having said that, ETH/USD may likely bounce back above $182, as long as there is no daily close below the $167. The RSI (14) is following a downward trend and currently at 40.51, showing an inclination towards the oversold zone.

Against Bitcoin, the price behaves differently and the trend is maintained and it climbs steadily. It kept the support above the 9-day and 21-day moving averages and has found resistance around 0.0217 BTC before falling down. If the price breaks out, it may likely reach the resistance level at $0.0225 BTC and above.

ETHBTC – Daily Chart

In other words, the bears are making effort to bring the price of ETH/BTC low and if they are able to do so, the price may likely hit the support levels at 0.0205 BTC and below. More so, as the trading volume increases, the stochastic RSI is already in the overbought zone which gives more signs of selling pressure in the market soon.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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