Tuesday, April 23Your Daily Bitcoin & Altcoin News Portal

Ethereum (ETH) Bulls Are Not out of Woods Yet

CryptoGirl

Please share if you find this article interesting.

Ethereum (ETH) Bulls Are Not out of Woods Yet

ETH price failed to clear the $170 resistance and extended losses against the US Dollar.The price declined to a new weekly low at $155 before correcting above the $160 level.There is a key bearish trend line in place with resistance at $166 on the hourly chart of ETH/USD (data feed via Kraken).The pair could dip again, but buyers are likely to take a strong stand near $155 or $150.Ethereum price extended losses recently versus the US Dollar and bitcoin. ETH might remain under pressure in the short term, but it will most likely bounce back from $155 or $150.Ethereum Price AnalysisYesterday, we saw a decent rebound in Ethereum price above the $165 and $166 levels against the US Dollar. The ETH/USD pair even tested the $170 level, where sellers emerged and protected more upsides. There was a topping pattern formed near $170 and later the price started a fresh decline. It broke the $165 and $160 support levels to enter a bearish zone. The decline was such that the price even broke the last swing low at $160 and settled below the 100 hourly simple moving average.A new weekly low was formed at $155 before the price started a fresh rebound. It recovered above the $160 level and the 23.6% Fib retracement level of the recent decline from the $170 high to $150 low. An immediate resistance is near the $162-163 area. It represents the 50% Fib retracement level of the recent decline from the $170 high to $150 low. Besides, there is a key bearish trend line in place with resistance at $166 on the hourly chart of ETH/USD.Therefore, if the price corrects higher above $163, it could face sellers near the $166 level. If bulls fail to push the price above the $166 resistance, there could be another decline. On the downside, there are two important supports near $155 and $150. As long as the price is above these supports, there could be a strong comeback above $165 and $170 in the coming days.Looking at the chart, Ethereum price is showing a few bearish signs below $166 and $170. Therefore, there are high chances of a downside push towards the $155 and $150 levels before a fresh increase. On the upside, a break above the trend line resistance might lead the price towards the $170 resistance area.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is currently placed in the bearish zone, with negative signs.Hourly RSI The RSI for ETH/USD bounced back above 35, but it is well below the 50 level.Major Support Level – $155Major Resistance Level – $166

Go to Source

CryptoGirl

Author: Aayush Jindal

Found this article interesting? Kindly share it on Social Media.

Comments

CryptoGirl