Ethereum (ETH) Price Larger Dip Underway: Bulls Losing Grip @newsbtc #Analysis #Technical #ETH #ethereum

• ETH price declined heavily this past week and broke the $166 and $160 supports against the US Dollar.
• The price even broke the $155 support level and traded close to the $146 level.
• There is a cr...
  • ETH price declined heavily this past week and broke the $166 and $160 supports against the US Dollar.
  • The price even broke the $155 support level and traded close to the $146 level.
  • There is a crucial bearish trend line formed with resistance at $172 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher in the short term, but it is likely to face sellers near $160 or $162.

  Ethereum price declined below important support levels versus the US Dollar and bitcoin. ETH is currently correcting higher, but it is likely to struggle near $160, $162 and $165.

  Ethereum Price Weekly Analysis

  This past week, Ethereum price started a major downward move below the $170 support against the US Dollar. The ETH/USD pair traded below the $166 and $160 support levels to enter a bearish zone. Besides, there was a close below the $160 level and the 100 simple moving average (4-hours). Finally, the price even broke the $155 support levels and spiked below $150. A new weekly low was formed just above $146 and the price recently corrected higher.

  There was a break above $152 and the 23.6% Fib retracement level of the last decline from the $172 high to $146 swing low. The pair seems to be following a short term ascending channel with support at $153 on the 4-hours chart of ETH/USD. On the upside, there are many hurdles for the bulls near the $160 level. Above $160, the next key resistance is near $162 and the 100 simple moving average (4-hours). The 50% Fib retracement level of the last decline from the $172 high to $146 swing low is also near $162.

  More importantly, there is a crucial bearish trend line formed with resistance at $172 on the same chart. Therefore, if the price corrects higher, sellers are likely to protect the $160 or $162 resistance level. Only a close above $170 and the 100 simple moving average (4-hours) could open the doors for more gains. On the downside, a break below the $152 and $150 support could restart downtrend.

  

  The above chart indicates that Ethereum is trading heavily below the $160 support. It is likely to remain in a bearish zone and sellers may enjoy recoveries near $160 and $162. On the downside, a daily close below $150 might start an extended decline towards the $142 and $134 levels in the near term.

  Technical Indicators

  4 hours MACD – The MACD for ETH/USD is currently struggling in the bullish zone.

  4 hours RSI – The RSI for ETH/USD is currently moving higher, but it is well below the 50 level.

  Major Support Level – $150

  Major Resistance Level – $162

  The post Ethereum (ETH) Price Larger Dip Underway: Bulls Losing Grip appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-eth-price-larger-dip-underway-bulls-losing-grip-5cc52721b8ce0e646c2c35fc