- Ethereum is declining and it recently traded below the $148 support against the US Dollar.
- The price is currently below $145 and it seems like there is a risk of more downsides.
- Yesterday’s key bearish trend line is active with resistance near $147 on the hourly chart of ETH/USD (data feed via Kraken).
- The price could correct higher, but it is likely to face sellers near $146 and $148.
Ethereum price is declining further below key supports versus the US Dollar, similar to bitcoin. ETH price remains at a risk of another drop towards the $135 and $132 levels.
Ethereum Price Analysis
Recently, Ethereum made a couple of attempts to climb above the $150 and $152 resistance levels against the US Dollar. However, ETH price struggled to gain momentum above $150 and the 100 hourly simple moving average.
As a result, there was another bearish reaction below the $148 support area. Moreover, the price broke a couple of important supports near the $145 level. Finally, the price traded to a new weekly low near $143 and it is currently consolidating losses.
The price is trading near the 23.6% Fib retracement level of the recent drop from the $149 high to $143 low. On the upside, there are many resistances near the $146 and $148 levels.
Besides, the 50% Fib retracement level of the recent drop from the $149 high to $143 low is near the $146 level. It seems like the previous support near $146 is likely to act as a strong hurdle for Ethereum bulls.
More importantly, yesterday’s key bearish trend line is active with resistance near $147 on the hourly chart of ETH/USD. Therefore, a successful break above the $148 resistance area is needed for a push above $150.
An intermediate resistance is near $149 since the 100 hourly simple moving average is waiting to stop the upside. On the downside, the recent low near $143 is a short term support.
If the price continues to move down, it could even break the $142 and $140 support levels. The main supports are near the $135 and $132 levels, below which the bulls are likely to give up in the near term.
Looking at the chart, Ethereum price is clearly extending its decline below the $150 and $148 levels. As long as there is no close above the $150 resistance, the price may perhaps continue to move down towards $135.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level, with a bearish angle.
Major Support Level – $142
Major Resistance Level – $150
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