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Key points
- The price of ETH declined heavily after it broke the $ 200 and $ 190 against the US dollar.
- C & # 39; is a short-term contractual triangle formed with resistance to $ 178 on the hourly table of ETH / USD (data feed via Kraken).
- The pair could correct higher, but positive sides are likely to be around $ 180 or $ 185.
The price of Ethereum declined heavily compared to the US dollar and bitcoin. ETH / USD has tested the level of $ 165 and remains at risk of further losses.
Price analysis of Ethereum
There was a bad fall in the ETH price below the $ 200 support area compared to the US dollar. The price of Bitcoin has plummeted heavily, which has increased sales pressure and pushed the ETH / USD pair below $ 180 and $ 170 levels. The price has been trading at a new monthly minimum at $ 165 and is currently well below the 100-hour simple moving average. At the moment, the price is consolidating losses above the $ 165 level at a bearish angle.
It has recovered above the Fib retracement level of 23.6% from the recent decline from $ 205 up to $ 165 below. However, the upside move had to face strong resistance near the $ 180 level. More importantly, it is a short-term contractual triangle formed with resistance at $ 178 on the hourly chart of the Ethics / USD . The pair may continue to move in a range of less than $ 180 before making the next move. If there is a bearish break below $ 170, the price could trade below the minimum of $ 165. The next major support is close to the $ 150 level. On the other hand, a break above $ 180 it is likely to make sellers close to $ 185. It represents the 50% Fibra retracement level of the recent decline from a high $ 205 to a low $ 165.
Looking at the chart, the ETH price remains at risk of further losses of less than $ 170 and $ 165. The sale of rallies near $ 180 or $ 185 can be considered as long as there are no closures above $ 200.
MACD time – The MACD is slightly in the bullish zone.
RSI timetable – The RSI is currently near level 30.
Main support level: $ 165
Main resistance level: $ 180
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