Ethereum price started a major downside move from the $165.86 high. ETH/USD declined below the $153.50 support to move into a bearish zone.

  • Ethereum price failed to gain momentum and declined below $160.00 and $153.50.
  • ETH/USD is trading below a major bearish trend line with resistance at $153.50 on the 30-minute chart.
  • The price could extend the current decline as long as it is below $153.50 and $158.00.

Ethereum ETH Price

Ethereum Price Analysis

After trading as high as $165.86, Ethereum price started a downside correction. ETH declined below the $160.00 and $158.00 support levels to move into a short term bearish zone.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even traded below the key $153.50 support and the 25 simple moving average (30-min). Sellers took control and pushed the price below the $150.00 and $148.00 levels.

A low was formed at $146.11 and later the price started a recovery. It broke the $150.00 level and the 23.6% Fib retracement level of the recent decline from the $165.86 high to $146.11 low.

However, there is a strong resistance formed near $153.00-154.00 (the previous support). Moreover, there is a major bearish trend line in place with resistance at $153.50 on the same chart. The trend line coincides with the 25 SMA, indicating the importance of the $153.00-154.00 barrier.

Above the trend line, the 50% Fib retracement level of the recent decline from the $165.86 high to $146.11 low is at $155.96. Therefore, a break and close above the $154.00 and $156.00 resistance levels is needed for buyers to gain control.

If the price fails to move above $154.00 and $156.00, it could resume its decline. An initial support is at $148.00, below which the price could break the $146.11 low and trade towards the $141.00 level in the near term.

Overall, Ethereum price failed to hold gains above $156.00 and declined below key supports. In the short term, ETH may consolidate, but the same supports are now likely to act as hurdles near $154.00-156.00 and protect upsides.

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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