Ethereum Price Technical Analysis: Getting Closer Down to the $170 Support Level

Analysis
Ethereum Bear Pushes Cryptocurrency down

Ethereum (ETH)trade is currently trading at $172.50. As you can see in the graph below, the ETH price is trading between the channels. The next resistance level is at $182 and support level is at $170.

Long positions can be taken around the first support level, keeping the it as a stoploss. The cryptocurrency price is expected to trade between the channels for two cycles, and this can be used for swing trading.

Ethereum graph September 5

Dow Theory

According to Dow Theory, the digital coin is currently appearing in the accumulation phase, which is an area from which the price usually shoots up, and is generally considered a great buying point.

This is the time when informed investors (experienced traders and institutions) are usually entering their long positions in the market. The price movements during the accumulation phase are tradtionally slow. The accumulation phase often falls into the end of a downtrend.

Ethereum Dow Theory September 5

Bollinger Bands

Ethereum’s price is moving between the channels as can be seen below. The channel is expanding, indicating an increased price volatility and therefore long positions can be taken, keeping the lower limit as support.

Ethereum Bollinger Bands September 5

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bearish crossover can be seen. Also, the price is moving below the moving average, indicating a downward movement. It is suggested to take long positions once the ETH price is above the moving averages.

Ethereum Moving Average September 5

Conclusion

Ethereum (ETH)trade is currently trading at $172.50, and as you can see above, the price is trading between the channels. The resistance level is at $182 and support at $170. Risk avoiders can take long positions once the ETH price is above the moving averages.

Swing trading can be done using the aforementioned levels. The mid-term trend looks bullish. If the price closes above $182 it can touch the $195 levels. A close below $170 can drag the price down to $154.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 129.56 146.87 159.50 176.82 189.45 206.77 219.40
Fibonacci 146.87 158.31 165.38 176.82 188.26 195.33 206.77
Camarilla 163.90 166.64 169.39 176.82 174.87 177.62 180.36
Woodie’s 127.22 145.70 157.16 175.65 187.11 205.60 217.06

Technical Indicators

Name Value Action
RSI(14) 41.552 Sell
STOCH(9,6) 14.141 Oversold
STOCHRSI(14) 0.000 Oversold
MACD(12,26) -1.970 Sell
ADX(14) 34.682 Sell
Williams %R -96.075 Oversold
CCI(14) -110.6007 Sell
ATR(14) 43.7562 Less Volatility
Highs/Lows(14) -43.3891 Sell
Ultimate Oscillator 38.490 Sell
ROC -34.943 Sell
Bull/Bear Power(13) -61.4000 Sell
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