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.
- Ethereum price declined heavily below $170 and traded close to $150 against the US Dollar.
- Bitcoin price is down more than 8% and it even traded below the key $7,500 support.
- Yesterday’s highlighted bearish trend line is intact with resistance near $165 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently correcting higher and it could rebound towards the $165 resistance.
Ethereum price nosedived and tested the $152 support area versus the US Dollar, while bitcoin dived 8%. ETH price could now correct higher in the short term.
Ethereum Price Analysis
In the past few days, we discussed the chances of more downsides in Ethereum below the $170 support against the US Dollar. ETH did decline recently below $170 and weakened more than 7%.
The recent decline was such that the price even broke the $160 support area. Moreover, there was a close below $165 and the 100 hourly simple moving average. Finally, the price traded close to the main $150 support area and a low was formed near $153.
More importantly, bitcoin price is down more than 8% and broke many important supports such as $7,800 and $7,500. Looking at Ethereum, the price is currently recovering and traded above the $155 level.
There was a break above the 23.6% Fib retracement level of the recent decline from the $178 high to $153 low. However, the price is facing a lot of hurdles on the upside near the $162 and $165 levels. Besides, yesterday’s highlighted bearish trend line is intact with resistance near $165 on the hourly chart of ETH/USD.
The 50% Fib retracement level of the recent decline from the $178 high to $153 low is also near the $165 level to act as a strong resistance. Therefore, Ethereum could face a strong resistance if it corrects towards the $165 area.
On the downside, the $155 and $150 levels are important supports. It won’t be easy for the bears to clear the $150 barrier. Thus, there are chances of a decent rebound in the near term above the $162 resistance.
Looking at the chart, Ethereum price clearly retreated from the $152 and $150 support levels. It is showing a few positive signs above $155 and $160. Having said that, the price must recover above the $162 and $165 resistance levels to start a decent upward move. The next key resistances are near the $170 and $172 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is now back in the bullish zone.
Hourly RSI – The RSI for ETH/USD is recovering and it is currently above the 40 level.
Major Support Level – $152
Major Resistance Level – $165
