- ETH price is under a lot of pressure below the $170 and $175 resistances against the US Dollar.
- The price is likely to decline sharply if it settles below the $165 support area in the near term.
- There is a declining channel forming with resistance near $169 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent recovery if the bulls manage to push the price above the $175 resistance.
Ethereum price is trading in a bearish zone versus the US Dollar and bitcoin. ETH price could continue to move down if it breaks the key $165 and $162 supports.
Ethereum Price Analysis
Yesterday, there was a sharp decline in ETH price below the $182 and $180 supports against the US Dollar. The price even closed below the $180 support and the 100 hourly simple moving average. Finally, there was a break below the $170 support and the price traded to a new monthly low near the $164 level. Similarly, there were heavy downsides in bitcoin, ripple, EOS, and binance coin.
Recently, Ethereum price corrected higher above the $165 and $166 levels. Moreover, there was a break above the 50% Fib retracement level of the recent drop from the $174 high to $164 swing low. However, the upward move was capped by the $170 and $172 resistance levels. It also seems like the price failed to gain traction above the 61.8% Fib retracement level of the recent drop from the $174 high to $164 swing low.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is slowly moving higher, but it is still below the 50 level.