- ETH price is down more than $30 in the past few days against the US Dollar.
- The price even spiked below $150 and it is currently correcting higher.
- There is a major breakout pattern forming with resistance near $152 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is struggling to correct higher and it could resume its decline below $150.
Ethereum price is trading in a bearish zone below $155 and $160 against the US Dollar, similar to bitcoin. ETH price is likely to revisit $125 before it could recover.
Ethereum Price Weekly Analysis
This past week, Ethereum declined heavily after it broke the key $172 support against the US Dollar. ETH price traded below many key supports near the $170 and $165 levels. Moreover, there was a break below the $150 support and the price settled well below the 100 simple moving average (4-hours). A new multi-month low was formed near $138 and the price recently corrected higher.However, the price seems to be facing a strong resistance near the $155 level. More importantly, there is a major breakout pattern forming with resistance near $152 on the 4-hours chart of ETH/USD.
Therefore, an upside break above the $152 and $155 levels might push the price higher. An immediate resistance is near the $158 level. It represents the 50% Fib retracement level of the downward move from the $177 high to $138 low.