Ethereum (ETH) Price Showing Signs of Further Weakness

Aayush Jindal

1 year ago

2 mins read

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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

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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