- ETH price failed to surpass the $172-$175 resistance and declined again against the US Dollar.
- The price retested the $152 support area and it is currently correcting higher.
- There is a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD (data feed via Kraken).
- The price is showing a few negative signs and it could decline towards $152 and $150.
Ethereum price is trading below a few key resistances versus the US Dollar and bitcoin. ETH price is likely to extend its decline as long as it is below $175.
Ethereum Price Analysis
Yesterday, we discussed the importance of the $175 resistance for Ethereum against the US Dollar. ETH price struggled to climb above the $172 and $175 resistance levels. As a result, there was a sharp decline below the $165 support. Moreover, the price broke the $160 support level and revisited the last swing low near the $152 level. It is currently correcting higher and is trading above the $160 level, but it is still well below the 100 hourly simple moving average.
Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. At the moment, the price is consolidating near the $165 level. On the upside, there is a strong resistance forming near the $170 level. There is also a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD.
The trend line is close to the 76.4% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. Therefore, an upside break above the $168 resistance might push the price higher. However, the price needs to surpass the key $172 and $175 resistance levels to continue higher. Moreover, the 100 hourly simple moving average is currently near $178 to provide resistance.
If the price fails to climb above $168 or $170, it is likely to resume its decline. An immediate support is near the $162 and $160 levels. If there is a successful break below the $160 level, the price could revisit the $152 support area in the near term.
Looking at the chart, Ethereum price is showing a lot of bearish signs below the $170 level. To start a solid upward move, the price must surpass many hurdles such as $168, $170, $172 and $175. If not, it is likely to continue lower towards $150.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is struggling to remain in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still well below the 50 level.
Major Support Level – $160
Major Resistance Level – $170