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- The ETH price fell sharply last week and broke the $ 166 and $ 160 against the US dollar.
- The price even exceeded the $ 155 support level and traded near the $ 146 level.
- There is a crucial downtrend line formed with resistance at $ 172 on the 4 hour ETH / USD chart (data feed via Kraken).
- The pair could correct higher in the short term, but it may face sellers close to $ 160 or $ 162.
The price of Ethereum fell below the significant support levels against the US dollar and Bitcoin. The ETH is currently correcting higher, but it is likely to be debated at around $ 160, $ 162 and $ 165.
Ethereum Price Weekly Analysis
Last week, the price of Ethereum began a significant downward decline under the support of $ 170 against the US dollar. The ETH / USD pair is traded below the $ 166 and $ 160 support levels to enter a bearish zone. In addition, the fence was below the $ 160 level and the simple moving average (4 hours). Finally, the price even exceeded support levels of 155 USD and exceeded 150 USD. A new weekly minimum was formed just above $ 146 and the price has recently been corrected upwards.
There was a break above $ 152 and the Fib retracement level was 23.6% from the last drop, from a high of $ 172 to $ 146. The pair seems to follow a short-term uptrend channel with support at $ 153 on the 4-hour ETH / USD chart. On the rise, there are many obstacles for bulls close to the $ 160 level. Above 160 USD, the next key resistance is around 162 USD and the 100 single moving average (4 hours). The Fib 50% retracement level of the last drop from the low of $ 172 to $ 146 is also close to $ 162.
More importantly, there is a crucial downtrend line formed with resistance at $ 172 on the same chart. Therefore, if the price corrects above, sellers are likely to protect the resistance level of $ 160 or $ 162. Only a close above $ 170 and a single 100-hour moving average (4 hours) could pave the way for further gains. On the downside, a break below $ 152 and $ 150 could boost the downtrend.
The chart above indicates that Ethereum is trading heavily under support at $ 160. It will likely remain in a bearish zone and sellers will enjoy recoveries close to $ 160 and $ 162. On the downside, a daily close of below $ 150 could begin a prolonged decline to near-term levels of $ 142 and $ 134.
Technical indicators
4 hours MACD – The MACD for ETH / USD is currently struggling in the bullish zone.
4 hours RSI – The RSI for ETH / USD is currently rising, but it is well below the 50 level.
Major Support Level – $ 150
Major resistance level – $ 162
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