Key Highlights
- ETH price struggled to move above the $179 resistance and declined against the US Dollar.
- There is a key connecting bearish trend line formed with resistance at $178 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently at a risk of a downside break below the $165 support level.
Ethereum price is under pressure against the US Dollar and bitcoin. ETH/USD is likely to extend declines below $165 and $160 in the near term.
Ethereum Price Analysis
The past few sessions were mostly bearish below $185 in ETH price against the US Dollar. Earlier, the ETH/USD pair recovered a few points from the last low of $165. The price traded above the $175 and $178 resistance levels. It also moved above the 23.6% Fib retracement level of the recent drop from the $205 high to $165 low. However, the upside move was capped by the $179-180 resistance area.
The price declined back below $175, but it later made another attempt to clear $179. However, buyers failed to gain strength above the $179 level and the 100 hourly simple moving average. Besides, there is a key connecting bearish trend line formed with resistance at $178 on the hourly chart of ETH/USD. The pair is currently moving lower and trading below the $170 level. On the downside, an initial support is at $165, below which there could be a solid decline towards the $160 or $158 levels. On the upside, a break above $179 could push the price towards $185. It represents the 50% Fib retracement level of the recent drop from the $205 high to $165 low.
Looking at the chart, ETH price is clearly in a bearish zone below $175 and $179. Sellers may soon gain control below the $165 support level for an extended decline.
Hourly MACD – The MACD is currently gaining pace in the bearish zone.
Hourly RSI – The RSI moved down sharply below the 40 level.
Major Support Level – $165
Major Resistance Level – $179
Author: Aayush Jindal
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