InsideBitcoins.com

Ethereum Price Analysis: ETH/USD Nosedives Below $150 Support

Key Highlights

  • ETH price failed to recover and declined below the $150 level declined against the US Dollar.
  • There is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded to multi month low and it could continue to move down below $140.

Ethereum price fell sharply against the US Dollar and bitcoin. ETH/USD broke the $150 support and it is currently consolidating losses.

Ethereum Price Analysis

Yesterday, we saw a major decline below $175 in ETH price against the US Dollar. The ETH/USD pair broke the $179 and $175 support levels to start a fresh decline. Later, bitcoin price declined heavily and broke the $5,000 support. It increased bearish pressure on ETH and pushed it below the $165 and $160 support levels. More importantly, there was a break below $150 and the price settled below 100 hourly simple moving average.

A new multi month low was formed at $142 and later the price started consolidating losses. It recovered a few points above the $145, but there are many hurdles on the upside. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $179 high to $142 low. Moreover, there is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD. If there is a break above the $150 and $151 level, the price could correct towards $160. It represents the 50% Fib retracement level of the recent decline from the $179 high to $142 low.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading in a nasty downtrend and it could decline further below the $142 low. The next major support is near $140, below which the price could trade to $125.

Hourly MACDThe MACD is slowly moving back in the bullish zone.

Hourly RSIThe RSI is currently attempting a recovery from the oversold area.

Major Support Level – $140

Major Resistance Level – $160

The post Ethereum Price Analysis: ETH/USD Nosedives Below $150 Support appeared first on NewsBTC.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar