HomeAltcoin NewsEthereum Price Analysis: Another Bear Wave Before Higher?

Ethereum Price Analysis: Another Bear Wave Before Higher?

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  • Ethereum price topped near the $188 level and declined recently against the US Dollar.
  • ETH broke the $176 and $169 support levels to move into a short term bearish zone.
  • There is a major bearish trend line formed with resistance at $169 on the 4-hours chart (data feed from Coinbase).
  • The price could decline further towards the $150 support, where buyers are likely to emerge.

Ethereum price started a major downside correction from the $188-190 zone against the US Dollar. ETH could test the $150 support zone before it starts a fresh increase in the near term.

Ethereum Price Analysis

This past week, Ethereum price traded higher towards the $188-190 resistance against the US Dollar. The ETH/USD pair failed to climb towards $200, topped at $188, and finally started a major downside correction. There was a drop below the $176 support and a crucial bullish trend line with support at $175 on the 4-hours chart. It opened the doors for more losses below the $172 level and the 50% Fib retracement level of the last move from the $150 swing low to $188 swing high.

Moreover, there was a close below the $169 support and the 55 simple moving average (4-hours). Besides, the price spiked below the 76.4% Fib retracement level of the last move from the $150 swing low to $188 swing high. It traded towards the $156 level and recently bounced back. On the upside, there is a strong resistance formed near the $168 level and the 55 simple moving average (4-hours). There is also a major bearish trend line formed with resistance at $169 on the same chart.

Therefore, if the price corrects higher, it is likely to struggle near $169 and the 55 simple moving average (4-hours). A successful close above $169 and $170 is must for buyers to gain strength above $175 and $176. On the downside, an initial support is near the $156 level, below which the price may revisit the $150 swing low in the near term. Below $150, the price could test $142 and the 1.236 Fib extension level of the last move from the $150 swing low to $188 swing high.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly in a corrective phase below $169 and $170. As long as it is below $170, there are chances of more losses towards the $156 and $150 support levels before buyers take a stand.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly reducing its bearish slope.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently moving lower towards the 45 level.

Key Support Levels – $156, followed by the $150 zone.

Key Resistance Levels – $170 and $176.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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