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 =$406.3157 change ~ -0.45%

Coin Market Cap

$45.87 Billion

24 Hour Volume

$3.54 Billion

24 Hour VWAP

$407

24 Hour Change

$-1.8460

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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

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