- ETH price started a downside correction after tagging the $163 level against the US Dollar.
- The price remains supported on the downside near the $157 and $156 levels.
- There is a declining channel in place with resistance near the $160 level on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to decline one last time towards $156 before climbing higher once again.
Ethereum price trimmed recent gains and corrected lower versus the US Dollar and . ETH remains supported on dips and it could bounce back from the $156 support.
Ethereum Price Analysis
Yesterday, we saw a strong upward move from the $150 support in Ethereum price against the US Dollar. The ETH/USD pair climbed above the $160 resistance the 100 hourly simple moving average. The pair tested the $163 level and recently started a downside correction. It broke the $160 support level to move into a short term bearish zone. There was a break below the 23.6% Fib retracement level of the upside from the $150 low to $163 high.
However, there are near the $157 and $156 levels. The price is currently testing the $157 support and the 100 hourly SMA. The next key support is near the $156 level. It coincides with the 50% Fib retracement level of the upside from the $150 low to $163 high. Besides, there is a declining channel in place with resistance near the $160 level on the hourly chart of ETH/USD. If there is an upside break above the $159 and $160 levels, the price is likely to climb higher once again.
The key resistance on the upside is near the $163 level, above which the price might test the $165 or $166 level. On the downside, the $156 support holds the key. If there is a downside break below the $156 support, the price could decline further towards the $154 or even $152 level. Any further losses may push the price towards the last swing low at $150.
Looking at the , Ethereum price seems to be correcting gains and remains supported on the downside near $157 and $156. On the upside, a clear break above the $160 resistance is likely to set the pace for more gains above the $163 level. The overall price action is positive as the price could extend gains as long as there is no close below the $156 support.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back in the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving higher and it could test 55 or 60 level.
Major Support Level – $156
Major Resistance Level – $160
Published at Thu, 02 May 2019 04:08:24 +0000
