Ethereum (ETH) Price In Another Decrease As Bulls Struggle
ETH price corrected higher recently but failed to break the $160 resistance against the US Dollar.
The price is currently moving lower and it might revisit the $150 or even $146 support level.
There is a key connecting bearish trend line formed with resistance at $155 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover if it surpasses the $156 resistance and the 100 hourly simple moving average.
Ethereum price is facing an increase in selling pressure versus the US Dollar and bitcoin. ETH remained capped below $160 and it is now declining towards the $150 support.
Ethereum Price Analysis
After a strong decline below $150, Ethereum price started a short term upside correction against the US Dollar. The ETH/USD pair gained traction above the $154 and $155 resistance levels. The pair climbed towards the $160 level, but it struggled a lot near the $158 level and the 100 hourly simple moving average. The price topped below the $159 level and recently started a fresh decline. It broke the $155 and $154 support levels.
There was a break below the 23.6% Fib retracement level of the recent wave from the $146 swing low to $149 swing high. Moreover, there was a break below an ascending channel with support at $155 on the hourly chart of ETH/USD. The pair tested the 50% Fib retracement level of the recent wave from the $146 swing low to $149 swing high. On the downside, a break below the $152 level may open the doors for more losses below the $150 support level. The next key support is at $146, below which the price may test $142.
On the upside, there is a key connecting bearish trend line formed with resistance at $155 on the same chart. Above the trend line, the main resistance is near $156 and the 100 hourly SMA. A convincing break above the $156 resistance may push the price towards the $160 resistance level. If buyers gain control above $160, the price could stage a decent comeback above the $166 level.
Looking at the chart, Ethereum price is clearly facing a lot of hurdles near the $155 and $156 levels. If there is a successful close above the $156 level and the 100 hourly SMA, the bears may step back in the short term. If not, there is a risk of a sharp decline towards the $146 or $142 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently rebounding higher towards the 45 and 50 levels.
Major Support Level – $150
Major Resistance Level – $156
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