ETH/USD considerably weakened on Tuesday and broke below 200-day MA. It continues to trade in the red at 11.64 levels at press time (Kraken).
Short-term trend: Bearish
Ichimoku analysis of daily chart:
Tenkan Sen: 12.36
Kijun Sen: 12.55
Trend reversal: 12.16 (90 EMA)
Tuur Demeester, an independent investor and editor in chief at Adamant Research, noted the weakness in Ether price following reports of geth nodes not syncing.
#Ethereum drops under 0.018 BTC support level following reports of geth nodes not syncing. https://t.co/scHbSjn75v h/t @alistairmilne pic.twitter.com/nfCVntO3Gb
— Tuur Demeester (@TuurDemeester) October 25, 2016
On the upside, the pair now faces resistance at 12.05 levels (100-day MA) and a break above would target 12.40 (61.8% retracement of 12.89 and 11.60)/ 12.89 (October 18 high).
On the flipside, the pair has hit the previous low of 11.60 levels (October 10) today. Further weakness would see the pair falling to 11.43 (113% retracement of 11.60 and 12.89)/11.24.
