Ethereum price started a major downside correction from the $188-190 zone against the US Dollar. ETH could test the $150 support zone before it starts a fresh increase in the near term.
This past week, Ethereum price traded higher towards the $188-190 resistance against the US Dollar. The ETH/USD pair failed to climb towards $200, topped at $188, and finally started a major downside correction. There was a drop below the $176 support and a crucial bullish trend line with support at $175 on the 4-hours chart. It opened the doors for more losses below the $172 level and the 50% Fib retracement level of the last move from the $150 swing low to $188 swing high.
Moreover, there was a close below the $169 support and the 55 simple moving average (4-hours). Besides, the price spiked below the 76.4% Fib retracement level of the last move from the $150 swing low to $188 swing high. It traded towards the $156 level and recently bounced back. On the upside, there is a strong resistance formed near the $168 level and the 55 simple moving average (4-hours). There is also a major bearish trend line formed with resistance at $169 on the same chart.
Therefore, if the price corrects higher, it is likely to struggle near $169 and the 55 simple moving average (4-hours). A successful close above $169 and $170 is must for buyers to gain strength above $175 and $176. On the downside, an initial support is near the $156 level, below which the price may revisit the $150 swing low in the near term. Below $150, the price could test $142 and the 1.236 Fib extension level of the last move from the $150 swing low to $188 swing high.
Looking at the chart, Ethereum price is clearly in a corrective phase below $169 and $170. As long as it is below $170, there are chances of more losses towards the $156 and $150 support levels before buyers take a stand.
4 hours MACD – The MACD for ETH/USD is slowly reducing its bearish slope.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently moving lower towards the 45 level.
Key Support Levels – $156, followed by the $150 zone.
Key Resistance Levels – $170 and $176.
ETH broke the $176 and $169 support levels to move into a short term bearish […]
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