Ethereum price topped near $170.00 and declined sharply below the $150.00 support. ETH/USD is correcting higher, but it is likely to face sellers near $148.00-150.00.
- Ethereum price failed near the $170.00 level and declined sharply below $150.00.
- ETH/USD broke a key declining channel with support at $162.00 on the 30-minute chart.
- The price fell significantly and traded towards the $130.00-132.00 support area.
Ethereum Price Analysis
This past week, we saw a solid bullish wave in bitcoin, Ethereum, ripple, EOS and other cryptocurrencies. ETH/USD traded above the $150.00 and $160.00 levels before sellers appeared near the $170.00 level.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair rallied above the $150.00 level and traded towards the $170.00 level. A new yearly high was formed at $170.00 and later the price started a sharp downside move.
It broke many supports on the way down such as $165.00 and $160.00. Moreover, there was a break below a key declining channel with support at $162.00 on the same chart.
The price fell significantly and broke the $152.00 and $148.00 support levels. There was even a close below the $148.00 level and the 25 simple moving average (30-min). A new weekly low was formed near the $134.72 level before the price started an upside correction.
An initial resistance is near the $144.00 level and the 23.6% Fib retracement level of the recent decline from the $170.00 high to $134.72 low.
There is also a short term breakout pattern formed, with resistance near $144.00 on the same chart. Above the $144.00 resistance, the price could test the previous key support at $148.00, which may now prevent gains in the near term.
Finally, the 50% Fib retracement level of the recent decline from the $170.00 high to $134.72 low is also near the $152.00 level to act as a solid resistance. Therefore, if Ethereum price corrects higher, it is likely to face sellers near the $148.00 and $152.00 levels in the coming session. On the downside, the main supports for ETH buyers are near $134.00 and $130.00.
The market data is provided by TradingView, Bitfinex.