Ethereum price is facing an increase in selling pressure after declining below the $194 resistance. ETHUSD price remains at a risk of a break below $183 and $180.
Yesterday November 7, the price of Ethereum was in a bearish trend. Ethereum price has declined to the $183 level after the bulls failed to break above the resistance level of $194. Besides, the 9-day Moving Average (MA) did little to stop the decline at the moment while the 21-day MA still serves as another support.
On the upside, if more buyers emerge, the coin will rise towards the $194 and $200 price levels. On the other hand, an immediate support is near the $180 level. If there is a bearish break and close below the $183 support level, the price may perhaps accelerate its decline below $175 and $170.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of ETHUSD is in a bearish trend. The pair is struggling to hold the main $183 support level. Hence, there is a risk of more downsides below $183 and $182 in the coming sessions. Conversely, the price needs to climb back above $188 and $190 to move back into a bullish zone.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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