More

    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.

    Ethereum Price Analysis

    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.

    Live Ethereum (ETH) Price:

    1 ETH/USD =$129.4491 change ~ 0.37%

    Coin Market Cap

    $14.28 Billion

    24 Hour Volume

    $1.91 Billion

    24 Hour VWAP

    $130

    24 Hour Change

    $0.4778

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Aayush J
    Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,351FansLike
    2,770FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.