- Ethereum price is currently correcting losses after it traded as low as $$153 against the US Dollar.
- Bitcoin price is struggling to recover above the $7,500 and $7,600 resistance levels.
- This week’s followed bearish trend line is still active with resistance near $164 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to face a strong resistance near the $164 and $165 levels in the near term.
Ethereum Price Analysis
Yesterday, we saw a massive decline in Ethereum below the $170 and $165 support levels against the US Dollar. Moreover, ETH price settled below the $165 support and the 100 hourly simple moving average.
It opened the doors for more losses and the price traded below the $160 support. Finally, there was a spike below $155 and the price traded as low as $153. Recently, it started an upside correction above the $155 and $158 levels.
Additionally, there was a break above the 23.6% Fib retracement level of the downward move from the $178 high to $153 low. Ethereum is currently consolidating above $160, but it is facing a lot of hurdles on the upside near the $164 and $165 levels.
More importantly, this week’s followed bearish trend line is still active with resistance near $164 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the downward move from the $178 high to $153 low.
Besides, the 100 hourly SMA is also positioned near the $165 level. Therefore, an upside break above the $165 resistance is needed for a recovery towards the $170 and $172 resistance levels.
If the price fails to recover above the $164 and $165 resistance levels, it could resume its decline. An immediate support is near the $158 level, below which the price could revisit the $153 low. Any further losses might call for a break below the $150 support area.
Looking at the chart, Ethereum price is clearly facing a lot of barriers on the upside near $164 and $165. In the short term, the price could make an attempt to surpass $165 and the 100 hourly SMA. However, it is likely to fail near $165 and likely to resume its decline in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is correcting higher and is approaching the key 50 level.
Major Support Level – $153
Major Resistance Level – $165