- Ethereum is slowly moving down and it recently broke the 5 support against the US Dollar.
- The price is now facing a couple of key hurdles near the 6 and 8 levels.
- Yesterday’s key bearish trend line is active with resistance near 7 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin is currently consolidating near the ,200 support area, with a minor bearish angle.
Ethereum price is slowly moving into a bearish zone versus the US Dollar and bitcoin. ETH price remains at a risk of more losses as long as it is below 0.
Ethereum Price Analysis
After struggling to stay above the 0 support, Ethereum price extended its decline against the US Dollar. ETH price broke the 8 and 6 support levels to move into a short term bearish zone.
Moreover, the price broke the 5 support and the 100 hourly simple moving average. It traded to a new intraday low near 3 and it is currently correcting higher.
There was a break above the 23.6% Fib retracement level of the recent slide from the 0 high to 3 low. However, the price is facing a couple of key hurdles near the 6 and 8 levels.
Besides, the 50% Fib retracement level of the recent slide from the 0 high to 3 low is near the 6 level. More importantly, yesterday’s key bearish trend line is active with resistance near 7 on the hourly chart of ETH/USD.
The trend line is also close to the 100 hourly SMA near 7. Therefore, a successful close above the 6 and 8 levels is needed for a decent recovery. Additionally, the price could start a strong rise if it clears the 0 resistance area.
On the other hand, the price might fail to recover above the 8 and 0 resistance levels. In the mentioned case, there is a risk of more losses below the 3 low.
An initial support is near the 2 level, below which there are chances of more downsides below the 0 support area. The next major buy zone is seen near the 6 and 5 levels.
Looking at the chart, Ethereum price is slowly turning bearish below the 8 and 0 levels. As long as there is no close above the 0 level, there is a risk of a downside extension below the 0 support. If not, it could rally towards 5 and 0.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 40 level, with a few positive signs.
Major Support Level – 2
Major Resistance Level – 8
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