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Key points
- The ETH price failed to recover beyond the resistance to $ 90 and has recently depreciated against the US dollar.
- There is a new downtrend line formed with resistance at $ 89 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is likely to fall further below the support levels $ 83 and $ 80 in the short term.
The price of Ethereum fell further below the key supports against the US dollar and bitcoin. The ETH / USD could accelerate losses if there is a break below $ 80.
Price analysis of Ethereum
Recently, there was a slight upward movement above $ 88 and $ 90 in the ETH price compared to the US dollar. The ETH / USD pair tested the $ 90 resistance area and faced a solid sales interest. As a result, there was a bearish reaction and the price fell below the support levels $ 87 and $ 85. There was also a close below the $ 87 level and the simple moving average of 100 hours.
A new intra-day low was formed at $ 82.99 and it seems that the price could further decline. It is currently correcting higher above $ 85. Initial resistance is the 50% Fibra retracement level of the recent decline from $ 90 high to $ 83 low. Furthermore, there is a new downtrend line formed with resistance at $ 89 on the hourly chart of Eth / USD. An intermediate resistance is the 61.8% Fibra retracement level of the recent decline from $ 90 high to $ 83 low. There seems to be a group of resistors formed between $ 88 and $ 90. Therefore, as long as the price is less than $ 90, it may continue to decline.
Looking at the chart, the ETH price could even break the $ 83 support level. The next key support is $ 80, below which the price will most likely accelerate to the $ 75 level.
MACD time – The MACD is back in the bearish zone.
RSI timetable – The RSI is currently well below the 50 level and heads towards 30.
Main support level: $ 80
Main resistance level: $ 90
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