Ethereum price declined around 15% and traded below the $160.00 and $150.00 supports. ETH/USD remains in a downtrend and it could accelerate losses below the $140.00 level.

  • 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 ETH Price

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.

Ethereum Price Analysis ETH Chart

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.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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