Analysis

Ethereum (ETH) Price Tumbles Back In Bearish Zone, Sell Rallies?

  • 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.

Ethereum Price Analysis ETH Chart

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 MACDThe MACD for ETH/USD is likely to reduce its bearish slope in the short term.

Hourly RSIThe RSI for ETH/USD declined heavily and it is currently in the oversold zone near 20.

Major Support Level – $ 145

Major Resistance Level – $ 160

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