- The ETH price is under pressure because it broke the minimum of $ 185 against the US dollar.
- There are two bearish trend lines in place with resistance to $ 190 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair could continue to fall and could even break the $ 175 and $ 170 levels.
The price of Ethereum is moving south compared to the US dollar and bitcoin. The ETH / USD has broken the minimum of $ 185 and will most likely extend losses below $ 175.
Ethereum price decline
There was a slight rise to the level $ 195 of the ETH price compared to the US dollar. The ETH / USD pair even traded near the $ 200 level and reached a maximum of $ 199.55. Later, there was a strong downtrend and the price broke the support of $ 190. More importantly, the price broke the $ 185 minimum and traded to a new low at $ 176.25. It seems that the price could not exceed $ 200 and is currently well below the 100-hour simple moving average.
Recently, the price was adjusted higher by the low of $ 176. It traded above the Fib retracement level of 23.6% from the last decline from the $ 199 up to $ 176 at the bottom. However, the upward move was limited by the $ 185-188 zone. Furthermore, there was no 50% retracement level test of the last decline from $ 199 up to $ 176 at the bottom. On the upside, there are two downtrend lines in place with resistance at $ 190 on the hourly chart of Eth / USD. Therefore, if the price corrects higher, it could face heavy bids near the $ 185 and $ 190 levels.
Looking at the chart, the ETH price is in a clear bearish trend below $ 190. If sellers gain momentum, there could be more losses less than $ 175 and $ 170
MACD schedule – The MACD is slightly positioned in the bearish zone.
RSI timetable – The RSI is now well below the level 40 with bearish signals.
Major Support Level – $ 175
Major Resistance Level – $ 190