[ad_1]
Key points
- The ETH price struggled to overcome resistance at $ 179 and depreciated against the US dollar.
- There is a key linking the downtrend line formed with resistance to $ 178 on the hourly table of ETH / USD (data feed via Kraken).
- The pair is currently exposed to the risk of a fall below the support level of $ 165.
The price of Ethereum is under pressure against the US dollar and bitcoin. The ETH / USD is likely to expand below $ 165 and $ 160 in the short term.
Price analysis of Ethereum
Most recent sessions were down below $ 185 at the ETH price compared to the US dollar. Previously, the ETH / USD pair recovered some points from the last minimum of $ 165. The price was traded above the resistance levels $ 175 and $ 178. It also moved above the retracement level of Fib 23.6% of the recent decline from $ 205 high to $ 165 low. However, the upward move was limited by the $ 179-180 resistance area.
The price fell again below $ 175, but he later made another attempt to cancel $ 179. However, buyers did not manage to gain strength beyond the $ 179 level and the simple 100-hour moving average. Furthermore, there is a key linking the downtrend line formed with resistance to $ 178 on the hourly chart of Eth / USD. The pair is currently moving lower and trading below the $ 170 level. On the downside, initial support is $ 165, below which there may be a sharp decline to $ 160 or $ 158 levels. On the upside, a break above $ 179 could push the price towards $ 185. It represents the 50% Fibra retracement level of the recent decline from $ 205 high to $ 165 low.
Looking at the chart, the ETH price is clearly in a downward zone below $ 175 and $ 179. Sellers may soon gain control below the support level of $ 165 for a sustained decline.
MACD time – The MACD is currently gaining ground in the bearish zone.
RSI timetable – The RSI fell sharply below level 40.
Main support level: $ 165
Main resistance level: $ 179
Source link
