HomeAltcoin NewsEthereum Price Analysis: ETH Recovery Could Fade Soon

Ethereum Price Analysis: ETH Recovery Could Fade Soon

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  • Ethereum price is currently recovering from the $150 support area against the US Dollar.
  • ETH price is likely to fail near the $160 and $164 resistance levels in the near term.
  • There is a crucial contracting triangle forming with resistance near $165 on the 4-hours chart (data feed from Coinbase).
  • The price could correct a few points, but it is likely to struggle near the $164-$165 resistance area.

Ethereum price is showing a few bearish signs below the $165 pivot level against the US Dollar. ETH/USD remains at a risk of more losses as long as it is below $165 and $168.

Ethereum Price Analysis

After forming a key top near the $176 level, Ethereum price started a fresh decline against the US Dollar. ETH price broke the $168 and $165 support levels to move into a short term bearish zone.

Besides, there was a close below the $160 level and the 55 simple moving average (4-hours). The price traded to a new multi-week low and tested the $150 support area.

Recently, the price formed a support base above $150 and started an upside correction. There was a break above the $152 and $155 levels. Ethereum also climbed above the 23.6% Fib retracement level of the main decline from the $176 high to $150 swing low.

On the upside, an initial hurdle for the bulls is seen near the $160 level and the 55 simple moving average (4-hours). The next key hurdle is near the $164 level since it is close to the 50% Fib retracement level of the main decline from the $176 high to $150 swing low.

More importantly, there is a crucial contracting triangle forming with resistance near $165 on the 4-hours chart. Therefore, the price is likely to struggle near the $164-$165 resistance area if it corrects higher in the near term.

A successful close above the $165 resistance area is needed for a convincing upward move. In the mentioned case, the price is likely to test the $175 resistance zone.

Conversely, the price might fail to climb above $165 and it could decline further. A clear break below the $152 and $150 support levels is likely to lead the price towards $140.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is showing many bullish signs above the $168 and $158 support levels. Therefore, it could continue to rise towards $188 unless there is a break below $158.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is correcting higher towards the 50 level.

Key Support Levels – $152, followed by the $150 zone.

Key Resistance Levels – $160 and $165.

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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