- ETH price declined recently and traded below the $92 support level against the US Dollar.
- Yesterday’s highlighted key contracting triangle is intact with current support at $88 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to break the triangle and decline further towards the $85 or $80 levels.
Ethereum price failed to recover against the US Dollar and bitcoin. ETH/USD is likely to decline once again if there is an hourly close below $88 and $85.
Ethereum Price Analysis
After failing to clear the $98 resistance, ETH price started a fresh decline against the US Dollar. The ETH/USD pair traded lower and broke the $95 and $92 support levels. It opened the doors for more losses and the price settled below $90 and the 100 hourly simple moving average. At the moment, the price is trading near a major support area at $88, below which there could be a solid drop to $80.
More importantly, yesterday’s highlighted key contracting triangle is intact with current support at $88 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $93 level. It represents the 50% Fib retracement level of the last decline from the $98 high to $88 swing low. Besides, the 100 hourly SMA is also near the $92-93 area. The triangle resistance is near the $94 level, which is a crucial hurdle for buyers. The 61.8% Fib retracement level of the last decline from the $98 high to $88 swing low is also near $94.
Looking at the chart, ETH price seems to be facing many hurdles near the $93 and $94 levels. Above $94, the main resistance is near the $98-100 zone. Therefore, the price could extend losses if buyers fail to gain pace above $94 and then $98.
Hourly MACD – The MACD is currently flat in the bearish zone.
Hourly RSI – The RSI moved below the 50 level with a bearish angle.
Major Support Level – $88
Major Resistance Level – $94