Ethereum price is declining and it recently broke the $160 support, similar to bitcoin. ETH price is likely to continue lower below the $158 and $155 support levels in the near term.
- Ether price is showing a few bearish signs below the $162 level against the US Dollar.
- The bears seem to be in control and they are likely to aim a larger decline below $155.
- This week’s key bearish trend line is in place with resistance near $164 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin is also sliding and it recently broke the key $8,500 support area.
Ethereum Price Starts Substantial Decrease
After Ethereum failed to climb above the $170 resistance, there was a fresh decline against the US Dollar. ETH price declined steadily and broke the $165 support and the 100 hourly simple moving average.
It opened the doors for more losses and the price recently broke the $162 support. The decline was such that the bears were able to push the price below the $160 support.
A low is formed near $158 and the price is currently trading in a bearish zone. An initial resistance on the upside is near the $162 level. Besides, the 23.6% Fib retracement level of the recent decline from the $171 high to $158 low is near $161.
The main resistance for Ethereum is now near the $165 area. More importantly, this week’s key bearish trend line is in place with resistance near $164 on the hourly chart of ETH/USD.
The 50% Fib retracement level of the recent decline from the $171 high to $158 low is also close to the trend line and the 100 hourly SMA.
Therefore, a clear break above the $165 resistance area is needed to decrease the current selling pressure. The next major resistance is near $170, above which ETH might surge towards the $178 barrier. An intermediate resistance is near the $174 level.
ETH Could Decline Further
On the downside, an immediate support is near the $158 level. If ETH price fails to stay above the $158 support, it could easily decline below the $155 support in the near term.
In the mentioned case, Ethereum could revisit the $150 support area, where the bulls are likely to take a stand in the coming sessions.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 40 level, with a negative bias.
Major Support Level – $155
Major Resistance Level – $165