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technical analysis ethereum
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Ethereum (ETH) Price Prediction: One Last Dip Before Higher?

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • ETH price extended losses and traded to a new weekly low near the $160 level against the US Dollar.
  • The price is currently trading below the key resistance levels near $167 and $169.
  • There is a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might decline one last time towards $160 or $158 before a fresh upward move in the near term.

Ethereum price seems to be struggling below key pivot levels versus the US Dollar and bitcoin. ETH could retest the $160 support area before the bulls take a stand.

Ethereum Price Analysis

Recently, we saw the start of a major downside correction in Ethereum price from the $177 resistance against the US Dollar. The ETH/USD pair declined below the $170 support level and the 100 hourly simple moving average. The price tested the $166 support level and later corrected a few points. However, the price faced a strong resistance near the $170 resistance. There was a failure near the 50% Fib retracement level of the drop from the $177 high to $166 low.

As a result, the price resumed its decline and it even broke the last swing low near $166. The decline was such that the price surpassed the $162 support and tested the $160 support area. A swing low was formed above $160 and the price recently corrected higher. It broke the 50% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. The bulls were able to push the price above the $165 level as well. However, the $166-167 zone acted as a strong resistance.

Ethereum failed to clear the 618% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. There is also a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD. Therefore, the price could decline one more time towards the $160 support area. On the upside, the $167 and $169 levels are major resistances. A close above $169 and the 100 hourly SMA is must for a fresh increase in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is currently trading in a bearish zone below $167 and $169. It seems like there could be another dip towards $160 or $158. Once the current correction wave is complete, the price is likely to bounce back above $170.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD failed to stay above 50 and it is currently moving towards the 40 level.

Major Support Level – $160

Major Resistance Level – $169

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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