- ETH price declined further below $140.00 against the US Dollar and currently correcting higher.
- There is a new connecting bearish trend line with resistance at $166 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price remains capped near $155 and $178, and any major recoveries may find hurdles.
Ethereum price maintained its bearish bias against the US Dollar and Bitcoin, and the current correction in ETH/USD remains capped near $155-178.
Ethereum Price Decline Continues
The past few days were super bearish for ETH price as it declined below $200 and $180 against the US Dollar. The price recently traded as low as $136.55 where it found bids and currently correcting higher. It has already moved above the 23.6% Fib retracement level of the last decline from the $197.35 high to $136.55 low. However, any major recoveries from the current levels may be difficult since there are many hurdles like $155 and $178.
On the upside, there is a new connecting bearish trend line with resistance at $166 forming on the hourly chart of ETH/USD. The same trend line resistance is also near the 50% Fib retracement level of the last decline from the $197.35 high to $136.55 low. Even if there is a break above the trend line at $156, there is another barrier at $178. The stated level is a pivot zone around $180, which also coincides with the 100 hourly simple moving average.
Only a successful close above $180 or the 100 hourly simple moving average may avert the current bearish trend. If the price fails, it may resume the downtrend, and could even retest $140. However, sellers also need to be careful, considering the price has decent supports near $140-130.
Hourly MACD – The MACD is currently reducing the bearish slope.
Hourly RSI – The RSI has just moved above the 50 level.
Major Support Level – $140
Major Resistance Level – $178
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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