Ethereum Price (ETH) Showing Further Signs Of Weakness

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  • ETH price is trading in a bearish zone below the $190 and $192 resistances against the US Dollar.
  • The price is at a risk of more downsides if it breaks the $185 and $182 support levels.
  • There is a key bearish trend line forming with resistance at $187 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might slowly move down towards the $182 and $180 support levels in the near term.

Ethereum price is trading in a bearish zone versus the US Dollar and bitcoin. ETH price could decline sharply if it fails to stay above the $182 and $180 support levels.

Ethereum Price Analysis

After a failed upside attempt near $195, ETH price started a fresh decline against the US Dollar. The price broke the key $192 support level to move back into a bearish zone. Moreover, there was a close below the $190 level and the 100 hourly simple moving average. On the downside, the $184 level seems to be acting as a decent support. Similarly, there were mostly bearish moves in bitcoin below the $10,300 and $10,400 levels.

At the moment, Ethereum is trading near the $185 level. An immediate support is near the $184 level. If there is a downside break below the $184 support, the price could test the $182 support. The main support is near the $180 level, below which there is a risk of a sharp decline in the coming sessions.

On the upside, an initial resistance is near $187 plus the 23.6% Fib retracement level of the recent slide from the $195 swing high to $184 low. Moreover, there is a key bearish trend line forming with resistance at $187 on the hourly chart of ETH/USD. If there is an upside break above the trend line and $187, the price could test the 100 hourly simple moving average.

Additionally, the 50% Fib retracement level of the recent slide from the $195 swing high to $184 low is near the $190 level to act as a strong resistance. A convincing close above the $190 resistance and the 100 hourly SMA could push the price towards the $195 resistance.

Looking at the chart, Ethereum price is trading with a bearish angle below the $190 resistance level. Therefore, there are high chances of more downsides below the $184 and $182 support levels. Similarly, bitcoin price could struggle to recover above $10,250 and it might decline below $10,000.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently holding the 40 level, with a negative bias.

Major Support Level – $180

Major Resistance Level – $190

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