Ethereum Price (ETH) Showing Further Signs Of Weakness

Aayush Jindal

1 year ago

2 mins read

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ETH price is trading in a bearish zone below the $190 and $192 resistances against the US Dollar.
The price is at a risk of more downsides if it breaks the $185 and $182 support levels.
There is a key bearish trend line forming with resistance at $187 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might slowly move down towards the $182 and $180 support levels in the near term.

Ethereum price is trading in a bearish zone versus the US Dollar and bitcoin. ETH price could decline sharply if it fails to stay above the $182 and $180 support levels.

Ethereum Price Analysis

After a failed upside attempt near $195, ETH price started a fresh decline against the US Dollar. The price broke the key $192 support level to move back into a bearish zone. Moreover, there was a close below the $190 level and the 100 hourly simple moving average. On the downside, the $184 level seems to be acting as a decent support. Similarly, there were mostly bearish moves in bitcoin below the $10,300 and $10,400 levels.

At the moment, Ethereum is trading near the $185 level. An immediate support is near the $184 level. If there is a downside break below the $184 support, the price could test the $182 support. The main support is near the $180 level, below which there is a risk of a sharp decline in the coming sessions.

On the upside, an initial resistance is near $187 plus the 23.6% Fib retracement level of the recent slide from the $195 swing high to $184 low. Moreover, there is a key bearish trend line forming with resistance at $187 on the hourly chart of ETH/USD. If there is an upside break above the trend line and $187, the price could test the 100 hourly simple moving average.

Additionally, the 50% Fib retracement level of the recent slide from the $195 swing high to $184 low is near the $190 level to act as a strong resistance. A convincing close above the $190 resistance and the 100 hourly SMA could push the price towards the $195 resistance.

Looking at the chart, Ethereum price is trading with a bearish angle below the $190 resistance level. Therefore, there are high chances of more downsides below the $184 and $182 support levels. Similarly, bitcoin price could struggle to recover above $10,250 and it might decline below $10,000.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently holding the 40 level, with a negative bias.

Major Support Level – $180

Major Resistance Level – $190

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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