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

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

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.

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.

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 MACDThe MACD is currently gaining pace in the bearish zone.

Hourly RSIThe RSI moved down sharply below the 40 level.

Major Support Level – $165

Major Resistance Level – $179

Source

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