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Home Technical analysis

Ethereum Price Analysis: ETH/USD At Risk Of More Declines

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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Key Highlights

  • ETH price struggled to move above the $179 resistance and declined against the US Dollar.
  • There is a key connecting bearish trend line formed with resistance at $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently at a risk of a downside break below the $165 support level.

Ethereum price is under pressure against the US Dollar and bitcoin. ETH/USD is likely to extend declines below $165 and $160 in the near term.

Ethereum Price Analysis

The past few sessions were mostly bearish below $185 in ETH price against the US Dollar. Earlier, the ETH/USD pair recovered a few points from the last low of $165. The price traded above the $175 and $178 resistance levels. It also moved above the 23.6% Fib retracement level of the recent drop from the $205 high to $165 low. However, the upside move was capped by the $179-180 resistance area.

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The price declined back below $175, but it later made another attempt to clear $179. However, buyers failed to gain strength above the $179 level and the 100 hourly simple moving average. Besides, there is a key connecting bearish trend line formed with resistance at $178 on the hourly chart of ETH/USD. The pair is currently moving lower and trading below the $170 level. On the downside, an initial support is at $165, below which there could be a solid decline towards the $160 or $158 levels. On the upside, a break above $179 could push the price towards $185. It represents the 50% Fib retracement level of the recent drop from the $205 high to $165 low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly in a bearish zone below $175 and $179. Sellers may soon gain control below the $165 support level for an extended decline.

Hourly MACD – The MACD is currently gaining pace in the bearish zone.

Hourly RSI – The RSI moved down sharply below the 40 level.

Major Support Level – $165

Major Resistance Level – $179

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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