Ethereum (ETH) Price Holding Uptrend Support, Can Buyers Bounce Back?
ETH price started a major downside correction after testing the $180 resistance area against the US Dollar.
The price declined below the $170 level and even settled below the $165 support area.
There is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip again towards the $153 support before it could bounce back in the near term.
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Ethereum price traded in a range after starting a downside correction versus the US Dollar and bitcoin. ETH could climb back up as long as it stays above the $153 or $150 support.
Ethereum Price Analysis
After a significant upward move, Ethereum price faced a strong resistance near the $180 level against the US Dollar. The ETH/USD pair started a downside correction and traded below the $170 support level. Sellers even succeeded in pushing the price below the $165 support and the 100 hourly simple moving average. Finally, there was a break below the $160 level and the price tested the $153-154 area. A swing low was formed near $153.57 and later the price rebounded.
It broke the 23.6% Fib retracement level of the last decline from the $180 high to $153 swing low. However, the price failed to gain traction above the $165 resistance area (the previous support). Besides, there was no proper test of the 50% Fib retracement level of the last decline from the $180 high to $153 swing low. This means the price may decline to a new swing low below $153.57 before it could rebound above $165. It is currently trading just above the $155 level and the 100 hourly simple moving average.
In the short term, there could be another dip towards $153 or even $150 before buyers appear again. In the worst case, the price might even drop towards the key $145 support area. On the upside, there is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD.
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Looking at the chart, Ethereum price is clearly correcting the recent gains and it may extend its decline below $153. To start a fresh upward move, the price must clear the $160 and $165 resistance levels. A convincing close above the $165 resistance might complete the current downside correction. Conversely, if we drop to a new swing low, we need to see the next base either around $150 or $145.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.
Hourly RSI – The RSI for ETH/USD declined towards the 30 level and recently recovered above 42.
Major Support Level – $153
Major Resistance Level – $165
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