Ethereum Just Broke $160 And It’s Vulnerable to a Larger Decline Below $155K

Aayush Jindal

Last Updated: June 11, 2024 1:40 pm

2 mins read

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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.

Technical Indicators

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

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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