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.

Ethereum Price

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.

Live Ethereum (ETH) Price:

1 ETH/USD =$345.2815 change ~ 7.02%

Coin Market Cap

$38.88 Billion

24 Hour Volume

$4.72 Billion

24 Hour VWAP

$333

24 Hour Change

$24.2497

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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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