Key Highlights
- ETH price failed to recover and declined below the $150 level declined against the US Dollar.
- There is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded to multi month low and it could continue to move down below $140.
Ethereum price fell sharply against the US Dollar and bitcoin. ETH/USD broke the $150 support and it is currently consolidating losses.
Ethereum Price Analysis
Yesterday, we saw a major decline below $175 in ETH price against the US Dollar. The ETH/USD pair broke the $179 and $175 support levels to start a fresh decline. Later, bitcoin price declined heavily and broke the $5,000 support. It increased bearish pressure on ETH and pushed it below the $165 and $160 support levels. More importantly, there was a break below $150 and the price settled below 100 hourly simple moving average.
A new multi month low was formed at $142 and later the price started consolidating losses. It recovered a few points above the $145, but there are many hurdles on the upside. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $179 high to $142 low. Moreover, there is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD. If there is a break above the $150 and $151 level, the price could correct towards $160. It represents the 50% Fib retracement level of the recent decline from the $179 high to $142 low.
Looking at the chart, ETH price is trading in a nasty downtrend and it could decline further below the $142 low. The next major support is near $140, below which the price could trade to $125.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is currently attempting a recovery from the oversold area.
Major Support Level – $140
Major Resistance Level – $160
