Price analysis of Ethereum: ETH begins the downward correction below $ 150

Key points

· The ETH price failed to stay above the $ 155 support and has recently depreciated against the US dollar.

· Yesterday's key bullish trend line was surpassed with a $ 150 support on the hourly chart of Eth / USD (data feed via Kraken).

· The pair could continue to correct down to the $ 144 or $ 139 support level.

The price of Ethereum is slowly moving into the bearish zone compared to the US dollar and bitcoin. The ETH / USD could accelerate the current correction towards $ 144 or $ 139.

Price analysis of Ethereum

Recently, the ETH price failed to cancel resistance from $ 159-160 against the US dollar. The ETH / USD pair started a downward correction and traded below the $ 155 and $ 150 support levels. It was also a close under $ 155 support and a 100-hour simple moving average. . The price also fell below the Fib retracement level 76.4% of the recent leg, from $ 147 down to $ 160 at the top.

More importantly, yesterday's key bullish trend line was surpassed with a $ 150 support on the hourly chart of Eth / USD. The pair tested the low swing of $ 147 and is currently trading below the 100-hour SMA. On the flip side, the next support is close to the $ 144 level. It's the 1,236 Fib extension level of the recent leg from $ 147 down to $ 160 up. If there are more losses, the price can be traded towards the support zone $ 139-140. In addition, the 1,618 Fib extension level of the recent leg is also close to the $ 139 level. On the upside, the broken support near the $ 150-152 zone and the 100-hour SMA could act as resistance.

Looking at the graphicThe ETH price could correct a few more points, but it is likely to cope with sellers close to $ 152. If there is a bearish continuation, the price may perhaps continue to fall towards the $ 144 or $ 139 media. , the sale near the $ 152 level can be considered in the short term for a test of $ 144 or $ 139.

MACD time – The MACD for ETH / USD is now placed in the bearish zone, suggesting further decreases.

RSI timetable – The RSI for ETH / USD is now well below the 50 level, with a bearish angle.