Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price traded in a range above the $146 support area against the US Dollar.
- There are two major bearish trend lines formed with resistance at $152 and $154 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline below the $146 support if buyers struggle to push the price above $154.
Ethereum price is trading in a tight range against the US Dollar and bitcoin. ETH/USD remains at a risk of a downside break as long as it is below $154.
Ethereum Price Analysis
After forming a support base near $146, ETH price recovered a few points against the US Dollar. The ETH/USD pair traded above the $148 and $150 resistance levels. There was also a break above the 23.6% Fib retracement level of the last slide from the $160 high to $146 swing low. However, the upside move was capped by the $153-154 resistance zone. There was also no proper close above $152 and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the last slide from the $160 high to $146 swing low acted as a resistance.
The price declined again and moved below the $152 level and the 100 hourly SMA. It is currently consolidating near the $150 level, with a minor bearish angle. On the upside, there is a strong resistance formed near $154. There are also two major bearish trend lines formed with resistance at $152 and $154 on the hourly chart of ETH/USD. Above the trend lines, the price could trade towards the $157 resistance area. A clear break above $157 and 76.4% Fib retracement level of the last slide may push the price towards $160.
Looking at the chart, ETH price seems to be aligning for the next move either above $154 or below $146. If buyers continue to face hurdles near $154, there is a risk of a downside break below $146.
Hourly MACD – The MACD for ETH/USD is currently flat in the bearish zone, with a minor bearish angle.
Hourly RSI – The RSI for ETH/USD is pointing no major breakout signal below the 60 level.
Major Support Level – $146
Major Resistance Level – $154