Analysis

Ethereum Price Analysis: ETH/USD Nosedives Below $90, What’s Next?

Key Highlights

  • ETH price traded lower sharply below the $ 100 and $ 90 support levels against the US Dollar.
  • There are two key bearish trend lines formed with resistance at $ 96 and $ 102 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline and it may even break the $ 80 and $ 75 levels.

Ethereum price declined heavily against the US Dollar and bitcoin. ETH/USD is currently well below $ 90 and it could slide further towards $ 75 or $ 70.

Ethereum Price Analysis

Yesterday, we saw a massive break below $ 100 in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and settled below the $ 100 level. The last swing low was formed at $ 94 before the price corrected higher. It moved above $ 100 and the 23.6% Fib retracement level of the last slide from the $ 112 high to $ 94 low. However, the upside move was capped near the $ 103 level.

The price failed near the 50% Fib retracement level of the last slide from the $ 112 high to $ 94 low. As a result, there was a fresh decline and the price traded below the $ 94 low. Sellers gained pace and pushed the price below the $ 90 and $ 85 levels. More importantly, the price is now well below the $ 100 level and the 100 hourly simple moving average. To the upside, there are two key bearish trend lines formed with resistance at $ 96 and $ 102 on the hourly chart of ETH/USD. Therefore, an upside correction is likely to face a lot of selling interest near the $ 90, $ 95 and $ 96 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is about to test the $ 80 level. It seems like the price may continue to move down and it could even test $ 75 or $ 70.

Hourly MACDThe MACD is placed heavily in the bearish zone.

Hourly RSIThe RSI is currently positioned in the oversold area near 15.

Major Support Level – $ 75

Major Resistance Level – $ 96

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