Ethereum failed to surpass the main 0 resistance against the US Dollar. ETH price is declining and it is showing bearish signs below the 0 and 0 levels.
- Ethereum topped near the 7 level and started a fresh decline below 5.
- The price is showing bearish signs below the 0 zone and the 100 hourly simple moving average.
- There are two key bearish trend lines forming with resistance near 0 and 5 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of a sharp decline below the 0 and 0 levels in the near term.
Ethereum Price is Slowly Declining
There was a failed attempt by Ethereum to clear the 0 resistance zone. ETH price traded as high as 7 and recently started a fresh decline. There was a break below the 5 pivot level to spark a fresh downward move.
Bitcoin price also moved below the ,000 support and ripple declined below .565. Ether price broke the 0 support level. There was a clear break below the 50% Fib retracement level of the upward move from the 0 swing low to 7 high.
The price is now showing bearish signs below the 0 zone and the 100 hourly simple moving average. An initial support is near the 0 level. It is close to the 76.4% Fib retracement level of the upward move from the 0 swing low to 7 high.
Source: ETHUSD on TradingView.com
On the upside, the bulls are facing many hurdles, starting with 5. There are also two key bearish trend lines forming with resistance near 0 and 5 on the hourly chart of ETH/USD.
To move into a positive zone, ether must gain momentum above 0 and then clear the bearish trend line. The main resistance is still near the 0 zone.
More Losses in ETH?
If ethereum fails to clear the 5 and 0 resistance levels, it could continue to move down. An initial support zone is forming near the 0 level.
The next major support is near the 0 swing low, below which there is a risk of a larger decline. In the stated case, the price could even break the 0 support and revisit 0.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.
Major Support Level – 0
Major Resistance Level – 5