Ethereum is down more than 2% and it is now well below 0 against the US Dollar.
Bitcoin price weakened around 3% and it broke the key ,000 support.
Yesterday’s key bearish trend line is active with resistance near 1 on the hourly chart of ETH/USD (data feed via Kraken).
ETH could continue to move down towards the 2 and 0 support levels in the near term.
Ethereum price is slowly moving lower below key supports versus the US Dollar, similar to bitcoin. ETH price might revisit 0 or even 5 before a decent upward move.
Ethereum Price Analysis
Yesterday, we saw an increase in selling on Ethereum below the 2 level against the US Dollar. Moreover, ETH price settled below the 0 level and the 100 hourly simple moving average.
The recent decline was such that the price declined below the 8 support level. Finally, it tested the 5 support and is currently consolidating losses. An initial resistance is near the 7 level.
Besides, the 23.6% Fib retracement level of the recent decline from the 3 high to 5 low is also near 7. More importantly, the previous support near 8 is likely to act as a resistance.
The next major resistance is near the 0 level and 100 hourly simple moving average. Additionally, the 50% Fib retracement level of the recent decline from the 3 high to 5 low is close to 8.
Above the 100 hourly SMA, yesterday’s key bearish trend line is active with resistance near 1 on the hourly chart of ETH/USD. Therefore, Ethereum price is clearly facing a lot of hurdles on the upside near the 8 and 0 levels.
The main resistance is now near the 2 level, above which the price is likely to start a strong rise towards the 8 and 0 levels.
Conversely, the price remains at a risk of more losses below the 5 support. The next support is near 2, followed by the 0 level. Any further losses may perhaps lead the price towards the 5 support area.
Ethereum Price
Looking at the chart, Ethereum price is showing a few bearish signs below 0 and 2. It seems like the price could spike towards the 0 or 5 level before it starts a decent upward move in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently recovering towards the 40 level.
Major Support Level – 5
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