Ethereum Price Analysis: ETH’s U-Turn Sets New Short-Term Bearish Bias
ETH price tumbled after it failed to break the $165 and $166 resistance levels against the US Dollar.
The price declined and broke the $160, $152 and $140 support levels to move into a bearish zone.
There was a break below a major bullish trend line with support at $148 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now trading in a bearish zone below the $140, $144 and $148 resistance levels.
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Ethereum price made a sharp U-turn against the US Dollar and bitcoin. ETH/USD broke key supports near $148 and $142 to enter a short-term bearish zone, with a negative angle.
Ethereum Price Analysis
This past week, we saw a nasty upward move above the $140 and $150 resistances in ETH price against the US Dollar. The ETH/USD pair even climbed above the $160 resistance to stage a solid comeback. It traded close to the $166 resistance level, where sellers emerged. More importantly, there was a strong rejection noted near the $165 and $166 resistance levels. The price formed a topping pattern and later started a sharp decline below the $160 support level.
The decline was such that the price failed to stay above the $152 and $150 support levels. There was a break below a major bullish trend line with support at $148 on the hourly chart of ETH/USD. The pair even settled below the $150 level and the 100 hourly simple moving average. Finally, there was a break below the key $138 and $140 support levels. It opened the doors for more losses and the price traded towards the $130 support. A low was formed at $131 and the price is currently correcting higher.
An initial resistance is near the 23.6% Fib retracement level of the last decline from the $166 high to $131 low. It seems like the previous support area near the $140 level is likely to act as a strong resistance for buyers. On the upside, the next main resistance is near the $148 level and the 100 hourly SMA. The 50% Fib retracement level of the last decline from the $166 high to $131 low is also positioned near the $148 level.
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Looking at the chart, ETH price clearly moved into a short term bearish zone below $148 and $140. If there is an upside correction, sellers are likely to defend the $138 and $140 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is currently recovering from the oversold levels, but it is still below the 40 level.
Major Support Level – $130
Major Resistance Level – $140
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