- The price of the ETH dropped very much last week and broke the $ 166 and $ 160 supports against the US dollar.
- The price even broke the $ 155 support level and traded near $ 146.
- There is a decisive bearish trend line created with resistance at $ 172 on the 4 hour chart of ETH / USD (data entry through Kraken).
- The pair could fix higher in the short term, but is likely to face sellers near $ 160 or $ 162.
The price of the atrium dropped below the important level of support against the dollar and the Bettkin. ETH is currently a higher patch, but it is likely to struggle near $ 160, $ 162 and $ 165.
Price analysis weekly
Last week, the price of Etherium started a significant downward move below support of $ 170 against the dollar. The pair was trading below $ 166 and $ 160 to enter the bearish territory. Besides, it was close below the $ 160 level and the simple moving average 100 (4 hours). Finally, the price even broke the $ 155 support levels and surged below $ 150. A new weekly week just formed above $ 146 and the price has recently been revised higher.
There was a break above $ 152 and a 23.6% Fib retracement level of the recent decline from $ 172 high to $ 146 a low swing. The pair appears to be monitoring a short term bullish channel with support for $ 153 on a 4 hour ETH / USD chart. On the upside, there are many hurdles for bulls near the $ 160 level. Above $ 160, the next key resistance is near $ 162 and a simple moving average of 100 (4 hours). The 50% pip level of the last drop from $ 172 high to $ 146 and the low swing is also near $ 162.
More importantly, there is a decisive bearish trend line created with resistance at $ 172 on the same chart. Therefore, if the price corrects higher, sellers may protect the resistance level from $ 160 or $ 162. Only closing above $ 170 and the average 100 moving simply (4 hours) can open the doors for further gains. On the downside, a break below $ 152 and $ 150 support can re-downtrend.
The chart above indicates that Ethereum trades heavily below $ 160 support. It is expected to remain in the bear zone and sellers may enjoy applying near $ 160 and $ 162. On the downside, a daily closing below $ 150 could start a steady decline towards 142 and $ 134 in the near term.
4 hours MACD – MACD for ETH / USD is currently struggling in bullish territory.
4 hours RSI – The RSI for ETH / USD is now moving higher but is well below level 50.
Large level support – $ 150
The main resistance level – $ 162