- There was a sharp downside move in ETH price below the $188 support against the US Dollar.
- There were two bullish trend lines with support at $178 on the hourly chart (ETH/USD, data feed via SimpleFX), which were broken.
- The price traded towards $140 before starting a recovery above $150.
Ethereum price may have made a short-term top against the US Dollar and Bitcoin, as ETH/USD broke a key support area recently at $178.
Ethereum Price Decline
Yesterday, we were looking for a break above the $191.00-191.50 resistance in ETH price against the US Dollar. The price move above $191.00-191.50 and even broke the $200 level. A new high was formed at $203.45 where the price struggled. Later, ETH lost the bullish momentum, and started a downside move below $200. The price fell sharply and even broke the 50% Fib retracement level of the last wave from the $136.74 low to $203.45 high.
The downside move was such that there was a break of two bullish trend lines with support at $178 on the hourly chart of ETH/USD. The price even traded below the 100 hourly simple moving average at $169. It ignited a sharp decline, and the price moved as low as $139.39. Later, a recovery was initiated, and the price moved back above $150.
There was also a close above the 38.2% Fib retracement level of the last decline from the $203.45 high to $139.90 low. However, the recovery stalled near the broken trend lines at $178. Moreover, the 61.8% Fib retracement level of the last decline from the $203.45 high to $139.90 low acted as a resistance. The price is now back below the $170 support. It may once again attempt a break above $178, but very likely to face difficulties. It seems like there is a short-term trend change for ETH/USD with chances of another downside push towards $150.
Hourly MACD – The MACD is now back in the bearish zone.
Hourly RSI – The RSI is well below 50 level and struggling.
Major Support Level – $150.00
Major Resistance Level – $178.00
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.