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- ETH price started a downside correction after tagging the $163 level against the US Dollar.
- The price remains supported on the downside near the $157 and $156 levels.
- There is a declining channel in place with resistance near the $160 level on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to decline one last time towards $156 before climbing higher once again.
Ethereum price trimmed recent gains and corrected lower versus the US Dollar and bitcoin. ETH remains supported on dips and it could bounce back from the $156 support.
Ethereum Price Analysis
Yesterday, we saw a strong upward move from the $150 support in Ethereum price against the US Dollar. The ETH/USD pair climbed above the $160 resistance the 100 hourly simple moving average. The pair tested the $163 level and recently started a downside correction. It broke the $160 support level to move into a short term bearish zone. There was a break below the 23.6% Fib retracement level of the upside from the $150 low to $163 high.
However, there are many supports on the downside near the $157 and $156 levels. The price is currently testing the $157 support and the 100 hourly SMA. The next key support is near the $156 level. It coincides with the 50% Fib retracement level of the upside from the $150 low to $163 high. Besides, there is a declining channel in place with resistance near the $160 level on the hourly chart of ETH/USD. If there is an upside break above the $159 and $160 levels, the price is likely to climb higher once again.
The key resistance on the upside is near the $163 level, above which the price might test the $165 or $166 level. On the downside, the $156 support holds the key. If there is a downside break below the $156 support, the price could decline further towards the $154 or even $152 level. Any further losses may push the price towards the last swing low at $150.
Looking at the chart, Ethereum price seems to be correcting gains and remains supported on the downside near $157 and $156. On the upside, a clear break above the $160 resistance is likely to set the pace for more gains above the $163 level. The overall price action is positive as the price could extend gains as long as there is no close below the $156 support.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back in the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving higher and it could test 55 or 60 level.
Major Support Level – $156
Major Resistance Level – $160
