Ethereum (ETH) Diving Below $150, Bitcoin Breaks Key Support

Aayush Jindal

Last Updated: June 11, 2024 1:04 pm

2 mins read

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Ethereum is declining and it recently traded below the $148 support against the US Dollar.
The price is currently below $145 and it seems like there is a risk of more downsides.
Yesterday’s key bearish trend line is active with resistance near $147 on the hourly chart of ETH/USD (data feed via Kraken).
The price could correct higher, but it is likely to face sellers near $146 and $148.

Ethereum price is declining further below key supports versus the US Dollar, similar to bitcoin. ETH price remains at a risk of another drop towards the $135 and $132 levels.

Ethereum Price Analysis

Recently, Ethereum made a couple of attempts to climb above the $150 and $152 resistance levels against the US Dollar. However, ETH price struggled to gain momentum above $150 and the 100 hourly simple moving average.

As a result, there was another bearish reaction below the $148 support area. Moreover, the price broke a couple of important supports near the $145 level. Finally, the price traded to a new weekly low near $143 and it is currently consolidating losses.

The price is trading near the 23.6% Fib retracement level of the recent drop from the $149 high to $143 low. On the upside, there are many resistances near the $146 and $148 levels.

Besides, the 50% Fib retracement level of the recent drop from the $149 high to $143 low is near the $146 level. It seems like the previous support near $146 is likely to act as a strong hurdle for Ethereum bulls.

More importantly, yesterday’s key bearish trend line is active with resistance near $147 on the hourly chart of ETH/USD. Therefore, a successful break above the $148 resistance area is needed for a push above $150.

An intermediate resistance is near $149 since the 100 hourly simple moving average is waiting to stop the upside. On the downside, the recent low near $143 is a short term support.

If the price continues to move down, it could even break the $142 and $140 support levels. The main supports are near the $135 and $132 levels, below which the bulls are likely to give up in the near term.

Looking at the chart, Ethereum price is clearly extending its decline below the $150 and $148 levels. As long as there is no close above the $150 resistance, the price may perhaps continue to move down towards $135.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level, with a bearish angle.

Major Support Level – $142

Major Resistance Level – $150

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.

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