Ethereum (ETH) Looks Poised To Resume Its Decline

Aayush Jindal

Last Updated: June 11, 2024 1:25 pm

2 mins read

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ETH price corrected higher from the $152 low and traded above $165 against the US Dollar.
The price is currently struggling to break the $172 and $175 resistance levels.
Yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).
The price remains at a risk of another drop below the $165 and $160 support levels in the near term.

Ethereum price is facing a strong resistance near $175 versus the US Dollar, while bitcoin is bleeding. ETH price is likely to resume its decline if it breaks $165 and $160.

Ethereum Price Analysis

Yesterday, we saw a nasty decline in bitcoin, Ethereum, ripple, and major other cryptocurrencies against the US Dollar. ETH price nosedived below the $185 support and traded close to the $150 level. Moreover, there was a close below the $180 level and the 100 hourly simple moving average. A swing low was formed near $152 and the price recently started an upside correction.

It recovered above the $160 and $165 levels. Additionally, there was a break above the 23.6% Fib retracement level of the last decline from the $211 high to $152 low. The price even traded above the $170 level. However, it struggled to clear the $175 level. It seems like yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD.

If the price breaks the trend line resistance and $175, there could be a decent recovery. The next key resistance is near the $182 level. It coincides with the 50% Fib retracement level of the last decline from the $211 high to $152 low. However, the main resistance for a trend change is near the $185 level. The stated $185 level has acted as a support and resistances on many occasions. Therefore, a close above $185 is needed for a strong recovery.

On the other hand, the price could resume its decline below $165. An immediate support is near the $160 level. If there is a downside break below the $160 level, the price could accelerate towards the $150 level in the coming sessions.

Looking at the chart, Ethereum price is clearly facing a lot of hurdles on the upside near the $175 and $185 levels. As long as the price is trading below both $175 and $185, it remains at a risk of a fresh decline towards $150 or even lower.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is likely to move back into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 40 level.

Major Support Level – $160

Major Resistance Level – $175

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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