{"id":372590,"date":"2019-02-25T04:08:46","date_gmt":"2019-02-25T04:08:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=372590"},"modified":"2024-06-11T13:08:08","modified_gmt":"2024-06-11T13:08:08","slug":"ethereum-price-analysis-eths-u-turn-sets-new-short-term-bearish-bias","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-price-analysis-eths-u-turn-sets-new-short-term-bearish-bias\/","title":{"rendered":"Ethereum Price Analysis: ETH\u2019s U-Turn Sets New Short-Term Bearish Bias"},"content":{"rendered":"
Ethereum price made a sharp U-turn against the US Dollar and bitcoin. ETH\/USD broke key supports near $148 and $142 to enter a short-term bearish zone, with a negative angle.<\/em><\/p>\n This past week, we saw a nasty upward move<\/a> above the $140 and $150 resistances in ETH price against the US Dollar. The ETH\/USD pair even climbed above the $160 resistance to stage a solid comeback. It traded close to the $166 resistance level, where sellers emerged. More importantly, there was a strong rejection noted near the $165 and $166 resistance levels. The price formed a topping pattern and later started a sharp decline below the $160 support level.<\/p>\n The decline was such that the price failed to stay above the $152 and $150 support levels. There was a break below a major bullish trend line with support at $148 on the hourly chart of ETH\/USD. The pair even settled below the $150 level and the 100 hourly simple moving average. Finally, there was a break below the key $138 and $140 support levels. It opened the doors for more losses and the price traded towards the $130 support. A low was formed at $131 and the price is currently correcting higher.<\/p>\n An initial resistance is near the 23.6% Fib retracement level of the last decline from the $166 high to $131 low. It seems like the previous support area near the $140 level is likely to act as a strong resistance for buyers. On the upside, the next main resistance<\/a> is near the $148 level and the 100 hourly SMA. The 50% Fib retracement level of the last decline from the $166 high to $131 low is also positioned near the $148 level.<\/p>\n <\/p>\nEthereum Price Analysis<\/h2>\n