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Ethereum failed to settle above the $170 resistance and bitcoin struggled above $8,700. ETH price is currently declining and it seems like it could decline heavily if it breaks $162.
- Ether price is starting to move into a bearish zone below $165 against the US Dollar.
- Bitcoin price is declining and trading below the $8,640 support level.
- This week’s key bearish trend line is still active with resistance near $168 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline heavily if the bears push it below $162 and $158 in the near term.
Ethereum Struggling To Gain Bullish Momentum
Yesterday, we saw a few positive signs for Ethereum above the $165 level against the US Dollar. However, ETH price failed to gain strength above the $168 level and topped near the key $170 resistance area.
A swing high was formed near $171 and recently the price started a fresh decline. It broke the $168 level and settled below the 100 hourly simple moving average. Moreover, the bears pushed the price below the 50% Fib retracement level of the recent wave from the $161 low to $171 high.
The price is now trading near the $165 level, and the 61.8% Fib retracement level of the recent wave from the $161 low to $171 high. The current price action for Ethereum suggests there is a risk of more losses below the $162 support level.
On the upside, there are many hurdles near $168 and $170. Additionally, this week’s key bearish trend line is still active with resistance near $168 on the hourly chart of ETH/USD.
The main resistance is still near the $170 level. Therefore, a successful close above the $170 resistance is must to start a strong upward move. The next hurdles are visible near the $178 and $180 levels.
Risk Of Sharp Decline in ETH
The first key support is near the $162 level. If there is a break below the $162 support, ETH price may perhaps struggle to stay above the $158 support.
In the mentioned case, Ethereum bears are likely to take control and push the price further below $155. The next target for them could be near the $150 support area.
Overall, ETH is struggling to clear a couple of major barriers near $170. The price is slowly turning bearish and it could decline heavily below $162 unless the bulls push the price above $170.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD declined and it is now well below the 50 level.
Major Support Level – $162
Major Resistance Level – $170
