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The price of Ethereum started a major downtrend from a high of $ 165.86. ETH / USD fell below the support of $ 153.50 to move into a bearish zone.
- The price of Ethereum failed to gain momentum and fell below $ 160.00 and $ 153.50.
- ETH / USD is trading below an important bearish trend line with resistance at $ 153.50 on the 30-minute chart.
- The price could extend the current decline provided it is less than $ 153.50 and $ 158.00.
Price analysis of Ethereum
After trading up to $ 165.86, the price of Ethereum started a downward correction. ETH dropped below support levels $ 160.00 and $ 158.00 to move into a short-term bearish zone.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair even traded below the key support of $ 153.50 and the simple 25-minute (30-minute) average. The sellers took control and pushed the price below $ 150.00 and $ 148.00 levels.
Low was formed at $ 146.11 and thereafter the price started a recovery. It broke the $ 150.00 level and the Fib retracement level 23.6% from the recent decline from $ 165.86 up to $ 146.11 below.
However, there is a strong resistance formed near $ 153.00-154.00 (previous support). Also, there is a bearish trend line in place with resistance at $ 153.50 on the same chart. The trend line coincides with the 25 SMA, which indicates the importance of the barrier $ 153.00-154.00.
Above the trendline, Fibra's 50% retracement level of the recent decline from $ 165.86 up to $ 146.11 is $ 155.96. Therefore, resistance levels of $ 154.00 and $ 156.00 should be discontinued and closed to allow buyers to gain control.
If the price fails to move above $ 154.00 and $ 156.00, it may resume its decline. An initial support is $ 148.00, below which the price could break the $ 146.11 minimum and trade towards the $ 141.00 level in the short term.
Overall, the price of Ethereum failed to contain earnings above $ 156.00 and fell below key supports. In the short term, ETH could consolidate, but the same supports could now act as obstacles close to $ 154.00-156.00 and protect the rises.
Market data is provided by TradingView, Bitfinex.
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