Ethereum price started a major downside move from the $165.86 high. ETH/USD declined below the $153.50 support to move into a bearish zone.
- Ethereum price failed to gain momentum and declined below $160.00 and $153.50.
- ETH/USD is trading below a major bearish trend line with resistance at $153.50 on the 30-minute chart.
- The price could extend the current decline as long as it is below $153.50 and $158.00.
Ethereum Price Analysis
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Looking at the 30-minute chart of ETH/USD, the pair even traded below the key $153.50 support and the 25 simple moving average (30-min). Sellers took control and pushed the price below the $150.00 and $148.00 levels.
A low was formed at $146.11 and later the price started a recovery. It broke the $150.00 level and the 23.6% Fib retracement level of the recent decline from the $165.86 high to $146.11 low.
However, there is a strong resistance formed near $153.00-154.00 (the previous support). Moreover, there is a major bearish trend line in place with resistance at $153.50 on the same chart. The trend line coincides with the 25 SMA, indicating the importance of the $153.00-154.00 barrier.
Above the trend line, the 50% Fib retracement level of the recent decline from the $165.86 high to $146.11 low is at $155.96. Therefore, a break and close above the $154.00 and $156.00 resistance levels is needed for buyers to gain control.
If the price fails to move above $154.00 and $156.00, it could resume its decline. An initial support is at $148.00, below which the price could break the $146.11 low and trade towards the $141.00 level in the near term.
Overall, Ethereum price failed to hold gains above $156.00 and declined below key supports. In the short term, ETH may consolidate, but the same supports are now likely to act as hurdles near $154.00-156.00 and protect upsides.
The market data is provided by TradingView, Bitfinex.