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Key points
- The ETH price failed to recover and fell below the level of $ 150 declined relative to the US dollar.
- There is a short-term bearish trend line in place with resistance to $ 150 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair was trading at a monthly low and could continue to fall below $ 140.
The price of Ethereum dropped sharply against the US dollar and bitcoin. ETH / USD broke support for $ 150 and is currently consolidating losses.
Price analysis of Ethereum
Yesterday we witnessed a sharp drop below $ 175 in terms of the ETH price compared to the US dollar. The ETH / USD pair broke support levels $ 179 and $ 175 to start a new decline. Later, the bitcoin price declined heavily and broke the $ 5,000 support. He increased the downward pressure on ETH and pushed below the $ 165 and $ 160 support levels. More importantly, there was an outage below $ 150 and the price settled below the simple moving average every 100 hours.
A new monthly minimum was formed at $ 142 and subsequently the price began to consolidate losses. He has recovered some points above $ 145, but there are many upside obstacles. Initial resistance is the 23.6% retracement level of the recent decline from $ 179 high to $ 142 low. Furthermore, there is a short-term bearish trend line in place with resistance at $ 150 on the hourly chart of Eth / USD. If there is a break above the $ 150 and $ 151 level, the price could correct towards $ 160. It represents the 50% Fibra retracement level of the recent decline from $ 179 up to $ 142 down.
Looking at the chart, the ETH price is trading in a nasty downtrend and could fall further below the low of $ 142. The next major support is close to $ 140, below which the price could be traded at $ 125.
MACD time – The MACD is slowly returning to the bullish zone.
RSI timetable – The RSI is currently attempting a recovery from the oversold area.
Main support level: $ 140
Main resistance level: $ 160
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