- Ethereum price extended losses below the $160.00 and $150.00 support levels.
- ETH/USD is following two bearish trend lines with resistance at $153.00 on the 30-minute chart.
- The price is likely to decline further below the $140.00 and $136.00 levels.
Ethereum Price Analysis
Yesterday, we discussed the chances of more losses in Ethereum price towards the $160.00 and $150.00 levels. The price did move down more than 10% and traded below the $160.00 and $150.00 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair faced a solid rise in selling interest after there was a close below the $160.00 support and the 25 simple moving average (30-min). Sellers gained momentum and even pushed the price below the $145.00 level.
A new yearly low was formed at $144.07 and the price is currently consolidating losses with a bearish angle. On the upside, an initial resistance is near the 23.6% Fib retracement level of the recent slide from the $160.45 high to $144.07 low.
Moreover, there are two bearish trend lines in place with resistance at $153.00 on the same chart. The trend line coincides with the 25 simple moving average (30-min) at $152.25. Finally, the 50% Fib retracement level of the recent slide from the $160.45 high to $144.07 low is near $152.25.
Therefore, if the price corrects higher, it could face a strong resistance near the $152.25 and $153.00 levels. Above these, the price will most likely extend recovery towards the $160.00 resistance.
On the downside, an immediate support is at $140.00, below which sellers could aim for the $134.00 and $132.00 levels in the coming sessions. Overall, Ethereum price is trading in a major downtrend below $160.00 and $175.00. As long as there is no close above $175.00, the ETH/USD remains at a risk of more losses towards $132.00.
The market data is provided by TradingView, Bitfinex.