Ethereum Price (ETH) Turned Sell On Rallies As Bitcoin Dives 8%
- ETH price started a fresh decrease after it failed to climb above the $ 202 resistance against the US Dollar.
- The price is down more than 8% from the high and it is now trading well below $ 190.
- There is a connecting bearish trend line forming with resistance near $ 190 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but upsides are likely to remain capped near the $ 190 resistance.
Ethereum price is trading in a bearish zone below $ 190 versus the US Dollar, and bitcoin declined 8%. ETH might correct a few points, but the bulls could struggle to gain traction.
Ethereum Price Analysis
After a strong rejection near the $ 200 and $ 202 resistance levels, ETH price declined heavily against the US Dollar. There were also bearish moves in bitcoin and ripple below $ 10,000 and $ 0.2800 respectively. It opened the doors for more losses and ETH declined below the key $ 190 support level. Moreover, there was a break below the $ 188 level plus a close below the 100 hourly simple moving average.
Ethereum price tested the $ 180 support level and recently corrected higher. There was a break above the $ 185 level plus the 23.6% Fib retracement level of the recent decline from the $ 203 high to $ 180 swing low. However, the upward move was capped by the $ 190 resistance. Moreover, the price failed to test the 50% Fib retracement level of the recent decline from the $ 203 high to $ 180 swing low.
There is also a connecting bearish trend line forming with resistance near $ 190 on the hourly chart of ETH/USD. The pair is now trading well below the $ 190 resistance and the 100 hourly SMA. On the downside, an immediate support is near the $ 180 level. If there is a bearish break below $ 180, Ethereum price is likely to accelerate its decline towards $ 175 and $ 172.
On the upside, the bulls are facing a strong resistance near the $ 190 zone. Therefore, a successful close above the $ 190 resistance and the 100 hourly SMA is needed for a fresh increase. The next immediate resistance is near the $ 195 level, followed by the main $ 202 resistance.
Looking at the chart, Ethereum price is clearly facing a lot of hurdles on the upside near the $ 190 and $ 192 levels. Therefore, there is a risk of more downsides below the $ 180 support level. Besides, if bitcoin slides further below $ 9,500, it could drag the crypto market lower.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently near the 50 level.
Major Support Level – $ 180
Major Resistance Level – $ 190
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