Ethereum price is trading below a few key resistances and is likely to extend its decline as long as it remains below $175.
Ethereum Price Technical Analysis
The price of Ethereum (ETH) has staged a minor recovery towards the $175 resistance level after falling sharply alongside other cryptocurrencies. Nevertheless, it is still trading below the 12-day and 26-day Exponential Moving Averages (EMAs).
ETH bulls failed to climb above the $175 resistance levels as they were resisted. As a result, there was a sharp declined and revisited the last swing low near the $152 level. At the time of writing, Ethereum price correcting higher and is trading at $174 level.
On the upside, if the more buyers emerge, the coin will rise and retest the $178 and $180 price levels. On the downside, if the bulls fail to break the $174 level, the crypto’ price will revisit the $152 support level. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, ETHUSD price is in a bearish below the 12-day and 26-day EMAs. ETH bulls need to move the price above the $174.00 level to encourage a stronger recovery in the market back towards the $180.00 level. Otherwise, it is likely to continue lower towards $150.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $175, $180, $200
- Support Levels: $170, $160, $150
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.