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Key points
- The price of ETH has declined recently and traded below the support level of $ 92 against the US dollar.
- Yesterday's highlighted key trading triangle is intact with the current $ 88 support on the hourly chart of Eth / USD (data feed via Kraken).
- The pair will probably break the triangle and will further decline towards the $ 85 or $ 80 levels.
The price of Ethereum failed to recover against the US dollar and bitcoin. It is likely that ETH / USD will decrease once again if there is an hourly closing below $ 88 and $ 85.
Price analysis of Ethereum
After failing to cancel the $ 98 resistance, the ETH price began to decline again compared to the US dollar. The ETH / USD pair traded lower and broke the $ 95 and $ 92 support. It opened its doors to more losses and the price stabilized below $ 90 and the 100-hour moving average. Currently, the price is traded near a major support area at $ 88, below which there may be a sharp decline to $ 80.
More importantly, yesterday's highlighted key trading triangle is intact with the current $ 88 support on the hourly chart of Eth / USD. On the upside, an initial resistance is close to the level of $ 93. It represents the 50% fiber retracement level of the last decline from the low of $ 98 to $ 88 low oscillating. In addition, the 100-hour SMA is also near the $ 92-93 zone. The resistance of the triangle is close to the $ 94 level, which is a crucial obstacle for buyers. The 61.8% retracement level of Fib from the low of $ 98 to $ 88 is also close to $ 94.
Looking at the chart, the ETH price seems to face many hurdles near the $ 93 and $ 94 levels. Above $ 94, the main resistance is close to the $ 98-100 zone. Therefore, the price could extend losses if buyers fail to gain pace above $ 94 and then $ 98.
MACD time – The MACD is currently flat in the bearish zone.
RSI timetable – The RSI has moved below the 50 level with a bearish angle.
Main support level – $ 88
Main resistance level: $ 94
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