- ETH price failed to hold the key $88 support and declined recently against the US Dollar.
- Yesterday’s highlighted major contracting triangle was breached with support at $88 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to decline further and upsides remain capped near the $90 and $92 levels.
Ethereum price extended losses recently against the US Dollar and bitcoin. ETH/USD may continue to move down and it could even test the $80 support zone.
Ethereum Price Analysis
After forming a top near the $98-100 zone, ETH price started a bearish wave against the US Dollar. The ETH/USD pair declined and traded below the $95 support and the 100 hourly simple moving average. It opened the doors for more losses and the price recently broke the $92 and $90 support levels. Sellers remained in control and even pushed the price below the $88 pivot level.
Besides, yesterday’s highlighted major contracting triangle was breached with support at $88 on the hourly chart of ETH/USD. The pair traded as low as $85 recently and it is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $99 swing high to $85 low. However, the first major hurdle is near the $91 level and the 100 hourly SMA. Above $91, the triangle resistance trend line is positioned at $93. An intermediate resistance is the 50% Fib retracement level of the recent decline from the $99 swing high to $85 low.
Looking at the chart, ETH price is clearly facing a lot of hurdles starting with $91 and up to $93. A convincing close above the $93 level is needed for a decent recovery. If not, the price could break the $85 swing low and it may even test $80.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is currently placed just below the 50 level.
Major Support Level – $80
Major Resistance Level – $93