- ETH price failed to stay above the $ 158 and the $ 160 support levels against the US Dollar.
- Tether drama sparked a strong declined below the $ 155 and $ 150 support levels.
- Yesterday’s highlighted key bearish trend line is intact with resistance near $ 162 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is back in a downtrend and sellers are likely to remain active near $ 155 or $ 160.
Ethereum price tumbled below many key supports versus the US Dollar and bitcoin. ETH price even broke the $ 150 support zone to move back in a downtrend.
Ethereum Price Analysis
Yesterday, we discussed the chances of one last dip towards $ 158 in Ethereum price against the US Dollar. The ETH/USD pair failed to stay above the $ 160 and $ 158 support levels. There was a strong decline below the $ 155 support and the price settled well below the 100 hourly simple moving average. The decline was such that the price even failed to stay above the $ 150 support level. It traded close to the $ 146 level and formed a new weekly swing low.
At the moment, the price is correcting higher above the $ 150 level. It broke the 23.6% Fib retracement level of the recent decline from the $ 165 high to $ 146 swing low. It seems like the price is back in a downtrend and any recovery towards the $ 155 level may face sellers. The stated $ 155 level now coincides with the 50% Fib retracement level of the recent decline from the $ 165 high to $ 146 swing low. Above $ 155, the next major resistance is near the $ 160 level.
Moreover, yesterday’s highlighted key bearish trend line is intact with resistance near $ 162 on the hourly chart of ETH/USD. Below the trend line, the 76.4% Fib retracement level of the recent decline from the $ 165 high to $ 146 swing low is near the $ 161 level. Therefore, any major upside correction could face a strong selling interest near the $ 160, $ 161 and $ 162 levels. On the downside, an initial support is near the $ 145 and $ 146 levels. Below $ 145, the price could test the $ 125 support.
Looking at the chart, Ethereum price declined heavily below key supports near the $ 160 level. It is clearly trading in a bearish zone below the $ 160 pivot level. In the short term, there could be an upside correction, but sellers are likely to protect the $ 158 and $ 160 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to reduce its bearish slope in the short term.
Hourly RSI – The RSI for ETH/USD declined heavily and it is currently in the oversold zone near 20.
Major Support Level – $ 145
Major Resistance Level – $ 160