- 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