Ethereum Price Analysis: ETH Starts Downside Correction Below $150

Key Highlights

·         ETH price failed to stay above the $155 support and declined recently against the US Dollar.

·         Yesterday’s highlighted key bullish trend line was breached with support at $150 on the hourly chart of ETH/USD (data feed via Kraken).

·         The pair may continue to correct lower towards the $144 or $139 support level.

Ethereum price is slowly moving in the bearish zone against the US Dollar and bitcoin. ETH/USD may accelerate the current correction towards $144 or $139.

Ethereum Price Analysis

Recently, ETH price failed to clear the $159-160 resistancezone against the US Dollar. The ETH/USD pair started a downside correction and traded below the $155 and $150 support levels. There was even a close below the $155 support and the 100 hourly simple moving average. The price also declined below the 76.4% Fib retracement level of the recent leg from the $147 low to $160 high.

More importantly, yesterday’s highlighted key bullish trend line was breached with support at $150 on the hourly chart of ETH/USD. The pair tested the $147 swing low and it is currently trading below the 100 hourly SMA. On the downside, the next support is near the $144 level. It is the 1.236 Fib extension level of the recent leg from the $147 low to $160 high. If there are more losses, the price may trade towards the $139-140 support zone. Besides, the 1.618 Fib extension level of the recent leg is also near the $139 level. On the upside, the broken support near the $150-152 zone and the 100 hourly SMA could act as a resistance.

Looking at the chart, ETH price may correct a few points higher, but it likely to face sellers near $152. If there is a bearish continuation, the price may perhaps continue to move down towards the $144 or $139 supports. Overall, selling near the $152 level may be considered in the short term for a test of $144 or $139.

Hourly MACDThe MACD for ETH/USD is now placed in the bearish zone, suggesting more declines.

Hourly RSIThe RSI for ETH/USD is now well below the 50 level, with a bearish angle.

Major Support Level – $144

Major Resistance Level – $152

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