Ethereum Price Analysis: ETH Downtrend Far From Over
Ethereum is recovering after trading as low as $131.86 vs the US Dollar. ETH to USD is still in a downtrend as long as the $163.00 resistance is intact.
Key Takeaways: ETH/USD
- Ethereum price is approaching a couple of key resistances near the $154.50 level against the US Dollar.
- ETH/USD is currently facing hurdles near $148.50 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is back above the $7,050 level, but sellers are active near $7,300 and $7,340.
Ethereum Price Analysis
In the past few days, we saw a nasty decline in Ethereum below the $178.00, $163.00 and $152.00 support levels. ETH to USD even traded below the $144.50 support area approached the $130.00 zone.
Looking at the 2-hours chart, Ethereum price traded as low as $131.86 and settled below the 50 simple moving average (2-hours, purple). Recently, there was an upside correction above the $140.50 and $142.50 resistance levels.
Moreover, the price climbed above the 23.6% Fib retracement level of the recent downward move from $177.18 to $131.86. However, the price is facing a solid resistance near the $148.50 level and a bearish trend line on the 2-hours chart.
Besides, there is a short term contracting triangle forming with resistance near the $148.00 level. Above the trend line, the 50 simple moving average (2-hours, purple), and triangle, there is a major hurdle near the $154.50 level. It coincides with the 50% Fib retracement level of the recent downward move from $177.18 to $131.86.
The final hurdle is near the $163.00 level, above which Ethereum price is likely to start a strong rise in the coming sessions.
Conversely, the price may perhaps struggle to rise above the $148.50 and $154.50 resistance levels. In the mentioned case, the price could decline again towards the $142.50 and $140.00 support levels.
The main support is near the $135.00 and $132.00 levels. If Ethereum fails to stay above $132.00, there is a risk of an extended decline towards the $118.00 and $115.00 support levels in the coming days.