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Key points
- The ETH price was traded above the resistance levels $ 150 and $ 154 before the lower correction against the US dollar.
- Yesterday's key bullish trend line was outstripped with support for $ 141 on the ETH / USD time table (data feed via Kraken).
- The pair was trading well below the $ 132 support and traded near the 100-hour simple moving average.
The price of Ethereum has undergone a markedly lower correction after trading at new weekly highs against the US dollar and bitcoin. ETH / USD must remain above 100 SMA to recover.
Price analysis of Ethereum
Yesterday we discussed a possible move upwards of more than $ 150 in the ETH price compared to the US dollar. The ETH / USD pair gained traction and broke resistance levels $ 150 and $ 154. A new weekly maximum was formed at $ 159 and thereafter the price was corrected more sharply. He broke the $ 150 and $ 145 support levels to enter a short-term bearish zone. Also, there was a break below the 50% Fibra retracement level of the last move, from a minimum of $ 124 to a maximum of $ 159.
More importantly, yesterday's key bullish trend line was surpassed with support for $ 141 on the hourly chart of Eth / USD. The pair even broke support levels $ 135 and $ 132 and traded towards a simple 100-hour moving average. If there is a bearish break below the low $ 124 and the 100 SMA, there could be more declines. The next stop for sellers could be $ 116. Represents the 1.236 Fib extension level of the last move from the low $ 124 to $ 159 high. On the upside, the price should face a resistance near the $ 132 level, above which it could test $ 140.
Looking at the chart, the ETH price has clearly decreased dramatically from $ 159-160. It seems that buyers have given up about $ 160 and sellers have taken control. Therefore, there may be another lower push to fill orders near $ 116 or even $ 108.
MACD time – The MACD is back in the bearish zone.
RSI timetable – The RSI has moved sharply below the 50 level.
Main support level: $ 124
Main resistance level: $ 140
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