Ethereum is showing a lot of bearish signs below $200 against the US Dollar. ETH price is likely to extend losses below $185 and $180 in the near term.
- Ethereum is struggling to recover above the $195 and $200 resistance levels against the US Dollar.
- The price is likely to dive further below the $180 support level in the near term.
- There is a key bearish trend line forming with resistance near $192 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price broke the $7,700 support and it is declining towards the key $7,500 support.
Ethereum Price Could Extend Losses
After a short term correction, Ethereum faced a strong resistance near the $195 level against the US Dollar. ETH price declined and traded below the $185 support level.
A new weekly low was formed near $181 and the price settled well below the 100 hourly simple moving average. Recently, there was a minor upward move above the $190 level.
The price surpassed the 23.6% Fib retracement level of the recent decline from the $207 high to $181 low. However, the bulls faced a lot of hurdles near the $195 and $196 levels. There is also a key bearish trend line forming with resistance near $192 on the hourly chart of ETH/USD.
Ethereum also failed to clear the 50% Fib retracement level of the recent decline from the $207 high to $181 low. It is currently declining and trading near the $182 support area.
If there is a downside break below the $182 support, there is a risk of more downsides in the near term below $180. The next support is near the $172 level, below which the price may perhaps test the $165 support. Any further losses could open the doors for a push towards the $150 level.
Chances of a Recovery?
If Ethereum manages to stay above the $182 and $180 support levels, it could make another attempt to correct higher. An initial resistance is near the $192 level.
The first major resistance is near the $1995 level, above which the bulls are likely to make an attempt to push the price above the $205 and $208 resistance levels in the coming days.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well below the 40 level, with a bearish angle.
Major Support Level – $180
Major Resistance Level – $195