Ethereum price remains in a downtrend against the US Dollar and Bitcoin, and a recovery in ETH/USD won’t be easy in the near term above $210.
- ETH price declined further and moved below the $180 level against the US Dollar.
- Yesterday’s highlighted two bearish trend lines with current resistances as $190 and $210 on the hourly chart of ETH/USD (data feed via SimpleFX) are intact.
- On the downside, the recent low at $168 may provide support in the short term.
Ethereum Price Resistance
There was no relief for buyers as ETH price continued to move down and traded below $180 against the US Dollar. A new weekly low was formed at $168.58 from where a minor recovery was started. The price traded above the 23.6% Fib retracement level of the last decline from the $234.34 high to $168.58 low. However, the upside move was prevented by the $205-210 levels.
One of yesterday’s highlighted two bearish trend lines with current resistances as $190 and $210 on the hourly chart of ETH/USD acted as a barrier. Moreover, the 50% Fib retracement level of the last decline from the $234.34 high to $168.58 low stopped gains. The price is once again moving lower and currently trading near $180. It looks like there can be a retest of $168 if sellers remain in action in the near term.
Any further declines below $168 could be very unsafe for buyers since it exposes declines towards $140. On the upside, both trend lines with current resistances as $190 and $210 are very important. As long as the price is below these, it may continue to struggle to overtake $210. Above $210, the price may trade towards $240.
Hourly MACD – The MACD has slightly reduced the bearish slope.
Hourly RSI – The RSI is currently below the 50 level and placed well in the bearish zone.
Major Support Level – $168
Major Resistance Level – $205
Disclaimer:The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. BitcoinMine does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
BitcoinMine.co.za have its full faith and confidence in the tried and tested AltcoinX.net exchange. Feel free to register a free account today and start trading in various Altcoins.
Charts courtesy of SimpleFX