- ETH price is declining and it recently broke the 2 and 0 support levels against the US Dollar.
- The price is trading in a bearish zone and it could slide further towards the 0 support.
- There is a major bearish trend line forming with resistance near 4 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might correct a few points higher, but upsides might be capped near 2 and 5.
Ethereum price is showing bearish signs versus the US Dollar, while bitcoin is declining. ETH price might continue to move down and it could test 0.
Ethereum Price Analysis
Recently, Ethereum failed to surpass the 0 resistance area against the US Dollar. As a result, ETH price started a fresh decline below the 5 support area. Moreover, there was a close below the 5 support and the 100 hourly simple moving average. The price even broke the 2 and 0 support levels. A new weekly low was formed near 7 and the price is currently consolidating losses.
An immediate resistance is near the 0 level. It coincides with the 23.6% Fib retracement level of the recent decline from the 7 high to 7 low. The main hurdles for the bulls are near the 2 and 5 levels. Moreover, there is a major bearish trend line forming with resistance near 4 on the hourly chart of ETH/USD. An intermediate resistance is near the 50% Fib retracement level of the recent decline from the 7 high to 7 low.
Therefore, an upside correction from the current levels might face sellers near the 2 and 5 levels. A successful close above the 5 level and the 100 hourly SMA could open the doors for a recovery towards the 0 and 5 resistance levels.
If there is no recovery above 5, the price might continue to move down. An immediate support is near the 5 level. A downside break below the 5 support could set the pace for a drop towards the 0 support area in the near term.
Looking at the chart, Ethereum price is clearly trading in a bearish zone below the 5 level and the 100 hourly SMA. To recover, the price must settle above the 5 pivot level. If not, there is a risk of a downside break below the 5 and 0 support levels. The main support is near the 5 and 4 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly reducing its bearish slope.
Hourly RSI – The RSI for ETH/USD is currently near the 40 level, with no major positive signs.
Major Support Level – 5
Major Resistance Level – 5
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