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Key points
- The ETH price was traded in a range above the support area of $ 146 against the US dollar.
- There are two downtrend lines formed with resistance at $ 152 and $ 154 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair could fall below the $ 146 support if buyers struggle to push the price above $ 154.
The price of Ethereum is traded in a narrow range compared to the US dollar and bitcoin. ETH / USD remains at risk of a downside break provided it is less than $ 154.
Price analysis of Ethereum
After forming a support base near $ 146, the ETH price recovered some points against the US dollar. The ETH / USD pair exceeded the resistance levels $ 148 and $ 150. There was also a break above the fiber retracement level of 23.6% of the last slide from the $ 5 minimum 160 to a minimum of $ 146. However, the upward move was limited by the $ 153-154 resistance zone. There was not even a correct closing above $ 152 and the simple 100-hour moving average. In addition, the 50% fiber retracement level of the last slide from the minimum of $ 160 to the minimum of $ 146 acted as resistance.
The price has declined again and has moved below the $ 152 level and the 100-hour SMA. It is currently consolidating near the $ 150 level, with a smaller bearish angle. On the upside, there is a strong resistance formed near $ 154. There are also two downtrend lines formed with resistance at $ 152 and $ 154 on the hourly chart of Eth / USD. Above the trend lines, the price could trade towards the resistance area of $ 157. A net break above the Fibra retracement level of $ 157 and 76.4% of the last slide could push the price towards $ 160.
Looking at the chart, the ETH price seems to be aligned for the next move above $ 154 or below $ 146. If buyers continue to face hurdles at $ 154, there is a risk of a bearish break below $ 146. .
MACD time – The MACD for ETH / USD is currently flat in the bearish zone, with a slight bearish angle.
RSI timetable – The RSI for ETH / USD does not point to any major breakout signal below level 60.
Main support level: $ 146
Main resistance level: $ 154
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