- Ethereum is down more than 2% and it broke the 2 support area against the US Dollar.
- The price is currently correcting higher, but it could face hurdles near 2 and 4.
- Yesterday’s major bearish trend line is active with resistance near 5 on the hourly chart of ETH/USD (data feed via Kraken).
- The price remains in a bearish zone and it may perhaps decline further below 8.
Ethereum price is showing bearish signs below 5 versus the US Dollar, similar to bitcoin below ,200. ETH price is likely to extend its decline towards 5 or 2.
Ethereum Price Analysis
After struggling to clear the 2 resistance, Ethereum declined below the 8 support against the US Dollar. Moreover, ETH price settled below the 8 support area and the 100 hourly simple moving average.
As a result, the bears gathered pace below the 4 support area. Finally, the price traded below the 2 support and spiked below 0. A swing low was formed near 9 and the price is currently correcting higher.
It is trading above the 23.6% Fib retracement level of the recent slide from the 8 high to 9 low. On the upside, there is a strong resistance forming near the 2 and 4 levels.
An immediate resistance is near the 50% Fib retracement level of the recent slide from the 8 high to 9 low. Additionally, yesterday’s major bearish trend line is active with resistance near 5 on the hourly chart of E
- Ethereum is down more than 2% and it broke the 2 support area against the US Dollar.
- The price is currently correcting higher, but it could face hurdles near 2 and 4.
- Yesterday’s major bearish trend line is active with resistance near 5 on the hourly chart of ETH/USD (data feed via Kraken).
- The price remains in a bearish zone and it may perhaps decline further below 8.
Ethereum price is showing bearish signs below 5 versus the US Dollar, similar to bitcoin below ,200. ETH price is likely to extend its decline towards 5 or 2.
Ethereum Price Analysis
After struggling to clear the 2 resistance, Ethereum declined below the 8 support against the US Dollar. Moreover, ETH price settled below the 8 support area and the 100 hourly simple moving average.
As a result, the bears gathered pace below the 4 support area. Finally, the price traded below the 2 support and spiked below 0. A swing low was formed near 9 and the price is currently correcting higher.
It is trading above the 23.6% Fib retracement level of the recent slide from the 8 high to 9 low. On the upside, there is a strong resistance forming near the 2 and 4 levels.
An immediate resistance is near the 50% Fib retracement level of the recent slide from the 8 high to 9 low. Additionally, yesterday’s major bearish trend line is active with resistance near 5 on the hourly chart of ETH/USD.
If there is an upside break above the trend line, Ethereum price could test the 8 resistance area. An intermediate resistance is near the 100 hourly simple moving average or 7. The main resistance is still near the 2 area.
Conversely, the price could struggle to recover above the 4 and 5 resistance levels. In the mentioned case, the price will most likely resume its decline below the 0 level.
An initial support is near the 8 level, below which there is a risk of a drop towards the 2 support. An intermediate support is seen near the 5 level. Any further losses may lead the price towards 5.
Looking at the chart, Ethereum price is trading in a downtrend below the 2 and 5 resistance levels. As long as there is no close above 2, sellers remain in control and the price is likely to slide towards 2.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely moving back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting higher towards the 40 level.
Major Support Level – 5
Major Resistance Level – 4
TH/USD.
If there is an upside break above the trend line, Ethereum price could test the 8 resistance area. An intermediate resistance is near the 100 hourly simple moving average or 7. The main resistance is still near the 2 area.
Conversely, the price could struggle to recover above the 4 and 5 resistance levels. In the mentioned case, the price will most likely resume its decline below the 0 level.
An initial support is near the 8 level, below which there is a risk of a drop towards the 2 support. An intermediate support is seen near the 5 level. Any further losses may lead the price towards 5.
Looking at the chart, Ethereum price is trading in a downtrend below the 2 and 5 resistance levels. As long as there is no close above 2, sellers remain in control and the price is likely to slide towards 2.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely moving back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting higher towards the 40 level.
Major Support Level – 5
Major Resistance Level – 4
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