Ethereum (ETH) Setting For Breakout or Further Decline? @newsbtc #Analysis #Technical #ETH #ethereum

• Ethereum is holding the key $145 support area and recovering against the US Dollar.
• The price is currently facing a strong resistance near the $152 area.
• Earlier, there was a break above a major ...
  • Ethereum is holding the key $145 support area and recovering against the US Dollar.
  • The price is currently facing a strong resistance near the $152 area.
  • Earlier, there was a break above a major bearish trend line with resistance near $150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains well bid, but it might struggle to climb further above $152 and $155.

  Ethereum price is facing an uphill task versus the US Dollar and bitcoin. ETH price must break the $152 and $155 resistance levels to continue higher.

  Ethereum Price Analysis

  Recently, there was a downside correction in Ethereum from the $158 resistance area against the US Dollar. ETH price declined below the $152 support area and the 100 hourly simple moving average.

  Moreover, the price broke the $150 support area and traded close to the $145 support. A low was formed near $146 and the price is currently recovering. It climbed above the $148 resistance level.

  Besides, there was a break above the 23.6% Fib retracement level of the latest decline from the $158 high to $146 low. More importantly, there was a break above a major bearish trend line with resistance near $150 on the hourly chart of ETH/USD.

  However, the $152 support area and the 100 hourly simple moving average are now acting as hurdles. Additionally, the 50% Fib retracement level of the latest decline from the $158 high to $146 low is acting as a resistance.

  Ethereum price is now trading inside a contracting triangle with resistance near the $151 level on the same chart. Therefore, an upside break above the $151 and $152 levels might push the price further higher.

  The next key resistance is near the $155 level, above which it could rise towards the main $158 resistance area. Conversely, the price could fail to continue higher and decline below $148.

  An immediate support is near the $146 and $145 levels. Any further losses might push the price into a bearish zone towards the $140 and $138 levels. The main support is near the last month low near $132.

  

  Ethereum Price

  Looking at the chart, Ethereum price is showing a few bearish signs below the $152 and $155 resistance levels. Having said that, the price must clear the $158 hurdle to move into a medium term uptrend. If not, it may perhaps resume its decline below the $145 and $140 levels.

  ETH Technical Indicators

  Hourly MACD – The MACD for ETH/USD is losing gaining pace in the bullish zone.

  Hourly RSI – The RSI for ETH/USD is currently above the 50 level and it could decline again.

  Major Support Level – $146

  Major Resistance Level – $152

  The post Ethereum (ETH) Setting For Breakout or Further Decline? appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-eth-setting-for-breakout-or-further-decline-5de47e30713a48c87bb9d25d