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Highlights
- The price of ETHs is traded above the resistance levels of $ 150 and $ 154 before downgrading against the US dollar.
- The key uptrend line highlighted yesterday was broken with support at $ 141 on the ETH / USD time chart (data feed via Kraken).
- The pair traded well below support at $ 132 and approached the single moving average at 100 hours.
The Ethereum price fell sharply after reaching new weekly highs against the US dollar and Bitcoin. ETH / USD must remain above 100 ADMs to rebound.
Ethereum Price Analysis
Yesterday, we discussed a possible upward movement of the price of ETH against the US dollar, above 150 USD. The ETH / USD gained traction and broke through resistance levels of $ 150 and $ 154. A new weekly record was set at $ 159. Later, the price was corrected downwards. He broke support levels of $ 150 and $ 145 to enter a bearish zone in the near term. In addition, there was a break below the Fib retracement level of 50% in the last move, from the low of $ 124 to $ 159.
Most importantly, the key uptrend line highlighted yesterday was broken with support at $ 141 on the ETH / USD time chart. The pair even crossed support levels of $ 135 and $ 132 and moved to the single 100-hour moving average. If there was a break below the minimum of $ 124 and the 100 SMA, there could be further declines. The next stop for sellers could be $ 116. It represents the extension level of 1,236 Fib from the last move, from the lowest at $ 124 up to $ 159. On the upside, the price should face a resistance close to the $ 132 level, above which it could test $ 140.
Looking at the chart, the ETH price has clearly reduced its earnings from $ 159 to $ 160. It seems that buyers have abandoned about $ 160 and the sellers have taken control. As a result, there could be another, weaker pressure to execute orders close to $ 116 or even $ 108.
Hourly MACD – The MACD is back in the bearish zone.
RSI hourly – The RSI has fallen well below level 50.
Major Support Level – $ 124
Major resistance level – $ 140
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