Ethereum (ETH) Medium Term Trend Turns Negative, Bears Eye 0
- Ethereum is currently consolidating losses above the $ 172 support against the US Dollar.
- Bitcoin price is also consolidating above the key $ 8,000 support area.
- There is a new connecting bearish trend line forming with resistance near $ 176 on the hourly chart of ETH/USD (data feed via Kraken).
- The price is likely to continue lower as long as it is below the $ 180 resistance.
Ethereum price is showing signs of bearish continuation versus the US Dollar, similar to bitcoin. ETH bears seem to be eyeing a test of $ 164 or even $ 160.
Ethereum Price Analysis
Recently, there was a downside break in Ethereum below the $ 180 support against the US Dollar. Moreover, ETH price settled below the $ 178 support and the 100 hourly simple moving average.
Later, it found support near the $ 172 level and started an upside correction. There was a break above the $ 175 resistance area. However, the upward move was capped by the $ 177-$ 178 resistance area.
Additionally, the price failed to stay above the 23.6% Fib retracement level of the last key decline from the $ 186 high to $ 172 low. At the outset, the price is consolidating above the $ 172 support and facing many hurdles near $ 176.
More importantly, there is a new connecting bearish trend line forming with resistance near $ 176 on the hourly chart of ETH/USD. Above the trend line resistance, the 100 hourly simple moving average is near the $ 178 level to act as a resistance.
Besides, the main resistance is near the $ 180 level. It coincides with the 50% Fib retracement level of the last key decline from the $ 186 high to $ 172 low. Therefore, Ethereum price must break the $ 178 and $ 180 resistance levels to start a decent recovery.
Conversely, the price could struggle to recover and continue lower below $ 172. If there is a downside break below the $ 172 support, the price is likely to accelerate lower towards the $ 166 and $ 164 support levels.
The main support is near the $ 160 area, where the bulls are likely to take a stand. Any further losses may perhaps push the price towards the $ 154 level.
Looking at the chart, Ethereum price is showing a lot of bearish signs below the $ 178 and $ 180 resistance levels. Therefore, there remains a risk of more downsides below the $ 172 support area. Only a close above $ 180 might negate the bearish view and start a decent recovery in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently flat in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently struggling to settle above the 50 level.
Major Support Level – $ 172
Major Resistance Level – $ 180
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