Ethereum (ETH) Price Showing Signs of Further Weakness @newsbtc #Analysis #Technical #ETH #ethereum

• ETH price failed to surpass the $172-$175 resistance and declined again against the US Dollar.
• The price retested the $152 support area and it is currently correcting higher.
• There is a new conne...
  • ETH price failed to surpass the $172-$175 resistance and declined again against the US Dollar.
  • The price retested the $152 support area and it is currently correcting higher.
  • There is a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is showing a few negative signs and it could decline towards $152 and $150.

  Ethereum price is trading below a few key resistances versus the US Dollar and bitcoin. ETH price is likely to extend its decline as long as it is below $175.

  Ethereum Price Analysis

  Yesterday, we discussed the importance of the $175 resistance for Ethereum against the US Dollar. ETH price struggled to climb above the $172 and $175 resistance levels. As a result, there was a sharp decline below the $165 support. Moreover, the price broke the $160 support level and revisited the last swing low near the $152 level. It is currently correcting higher and is trading above the $160 level, but it is still well below the 100 hourly simple moving average.

  Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. At the moment, the price is consolidating near the $165 level. On the upside, there is a strong resistance forming near the $170 level. There is also a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD.

  The trend line is close to the 76.4% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. Therefore, an upside break above the $168 resistance might push the price higher. However, the price needs to surpass the key $172 and $175 resistance levels to continue higher. Moreover, the 100 hourly simple moving average is currently near $178 to provide resistance.

  If the price fails to climb above $168 or $170, it is likely to resume its decline. An immediate support is near the $162 and $160 levels. If there is a successful break below the $160 level, the price could revisit the $152 support area in the near term.

  

  Looking at the chart, Ethereum price is showing a lot of bearish signs below the $170 level. To start a solid upward move, the price must surpass many hurdles such as $168, $170, $172 and $175. If not, it is likely to continue lower towards $150.

  ETH Technical Indicators

  Hourly MACD – The MACD for ETH/USD is struggling to remain in the bullish zone.

  Hourly RSI – The RSI for ETH/USD is still well below the 50 level.

  Major Support Level – $160

  Major Resistance Level – $170

  The post Ethereum (ETH) Price Showing Signs of Further Weakness appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-eth-price-showing-signs-of-further-weakness-5d8d7b3100a59a1479e785a1