- ETH price traded lower sharply below the $100 and $90 support levels against the US Dollar.
- There are two key bearish trend lines formed with resistance at $96 and $102 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline and it may even break the $80 and $75 levels.
Ethereum price declined heavily against the US Dollar and bitcoin. ETH/USD is currently well below $90 and it could slide further towards $75 or $70.
Ethereum Price Analysis
Yesterday, we saw a massive break below $100 in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and settled below the $100 level. The last swing low was formed at $94 before the price corrected higher. It moved above $100 and the 23.6% Fib retracement level of the last slide from the $112 high to $94 low. However, the upside move was capped near the $103 level.
The price failed near the 50% Fib retracement level of the last slide from the $112 high to $94 low. As a result, there was a fresh decline and the price traded below the $94 low. Sellers gained pace and pushed the price below the $90 and $85 levels. More importantly, the price is now well below the $100 level and the 100 hourly simple moving average. To the upside, there are two key bearish trend lines formed with resistance at $96 and $102 on the hourly chart of ETH/USD. Therefore, an upside correction is likely to face a lot of selling interest near the $90, $95 and $96 levels.
Looking at the chart, ETH price is about to test the $80 level. It seems like the price may continue to move down and it could even test $75 or $70.
Hourly MACD – The MACD is placed heavily in the bearish zone.
Hourly RSI – The RSI is currently positioned in the oversold area near 15.
Major Support Level – $75
Major Resistance Level – $96
Author: Aayush Jindal