Ethereum Price Analysis: ETH Showing Downtrend Signs
Ethereum is under pressure and it recently failed to surpass the $152.10 resistance area vs the US Dollar. ETH to USD is currently declining and it is showing a lot of bearish signs below $150.00.
Key Takeaways: ETH/USD
- Ethereum price is struggling to climb above $150.20 and $152.10 against the US Dollar.
- ETH/USD traded below the $147.80 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is down 2% and it is now consolidating near the $7,300 level.
Ethereum Price Analysis
This past week, Ethereum price started a slow rise from the $143.20 support area. ETH to USD traded above the $147.80, $150.20 and $150.50 resistance levels, but it struggled to continue higher.
Looking at the 2-hours chart, Ethereum price traded as high as $151.99 recently before starting a fresh decline. It broke many supports near $150.50 to enter a bearish zone.
Moreover, the price traded below the $147.80 support area and the 50 simple moving average (2-hours, purple). The price even traded below the 50% Fib retracement level of the major upward move from $143.73 to $151.99.
More importantly, Ethereum price traded below the $147.80 support and a bullish trend line on the 2-hours chart. It tested the $146.50 support area, where the bulls emerged.
It seems like the 61.8% Fib retracement level of the major upward move from $143.73 to $151.99 is acting as a strong support area. The next key support is near the $146.00 area, below which the price could continue to slide towards the $143.20 support area.
Conversely, the price could correct higher above $147.80. An immediate resistance is near the $148.40 level since it coincides with the 50 simple moving average (2-hours, purple).
The main resistance is near the $150.50 level, above which the price may perhaps test the crucial $152.10 resistance area in the near term.
Overall, Ethereum is trading in a bearish zone below the $150.50 and $152.10 levels. As long as there is no close above $152.10, there is a risk of a downside break towards the $143.20 support.