Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- ETH price extended losses and traded to a new weekly low near the $160 level against the US Dollar.
- The price is currently trading below the key resistance levels near $167 and $169.
- There is a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might decline one last time towards $160 or $158 before a fresh upward move in the near term.
Ethereum price seems to be struggling below key pivot levels versus the US Dollar and bitcoin. ETH could retest the $160 support area before the bulls take a stand.
Ethereum Price Analysis
Recently, we saw the start of a major downside correction in Ethereum price from the $177 resistance against the US Dollar. The ETH/USD pair declined below the $170 support level and the 100 hourly simple moving average. The price tested the $166 support level and later corrected a few points. However, the price faced a strong resistance near the $170 resistance. There was a failure near the 50% Fib retracement level of the drop from the $177 high to $166 low.
As a result, the price resumed its decline and it even broke the last swing low near $166. The decline was such that the price surpassed the $162 support and tested the $160 support area. A swing low was formed above $160 and the price recently corrected higher. It broke the 50% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. The bulls were able to push the price above the $165 level as well. However, the $166-167 zone acted as a strong resistance.
Ethereum failed to clear the 618% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. There is also a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD. Therefore, the price could decline one more time towards the $160 support area. On the upside, the $167 and $169 levels are major resistances. A close above $169 and the 100 hourly SMA is must for a fresh increase in the near term.
Looking at the chart, Ethereum price is currently trading in a bearish zone below $167 and $169. It seems like there could be another dip towards $160 or $158. Once the current correction wave is complete, the price is likely to bounce back above $170.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ETH/USD failed to stay above 50 and it is currently moving towards the 40 level.
Major Support Level – $160
Major Resistance Level – $169