Ethereum price is declining heavily like Bitcoin that has broken below $7,100. Will the ETHUSD pair continue the downward trend below $150?
Ethereum Price Medium-term Analysis
Yesterday November 21, the price of Ethereum (ETH) pair was in a bearish trend similar to Bitcoin. ETH price dropped sharply below the $180 support level. It also broke many supports near $172 and $166.
Moreover, it is down close to 6% today and it recently formed a new monthly low near the $145 support level before correcting higher to $150.
On the upside, if more buyers emerge, the coin will likely face a strong selling interest near the $160 and $170 levels. A clear break above the $180 level could start a fresh increase.
On the other hand, a downside break below the $150 support level will push the market to $140 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, the price of ETHUSD is clearly in a bearish trend. The pair is struggling below the $155 and $160 level. The current wave is likely to complete near $155 or $160 before the bears take back control. Only a close above $170 could decrease the current bearish pressure.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $160, $170, $180
- Support Levels: $150, $140, $130
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.