The ETH news today show that the biggest altcoin out there is still very vulnerable, after falling down by more than $30 in the past few days against the US dollar. The price of Ethereum is at risk as it spiked below $150 and it is currently correcting higher.
There is a major breakout pattern which is forming with resistance near $152 on the 4-hour chart of the ETH/USD pair (data feed via Kraken). The pair is also struggling to correct higher and it could soon resume its decline below $150.
Over the past week, Ethereum declined heavily after it broke the key $172 support area against the US Dollar. The ETH price traded below many key supports near the $170 and $165 levels. There was a break which puts Ethereum at risk of further declines – it is the break below the $150 support line where the price settled well below the 100 simple moving average (4 hours). A new multi-month low was formed near $138 and the price recently corrected higher.
In fact, ETH was in the cryptonews for breaking the $145 and $150 resistance levels – recovering to a $138 low (from a $177 high). Right now, analysts agree that the price seems to be facing a strong resistance near the $155 level. More importantly, there is a major breakout pattern which is forming with resistance currently set at $152 on the 4-hours chart of the ETH/USD pair.
Therefore, an upside break above the $152 and $155 levels might push the price higher. An immediate resistance is near the $158 level and represents the 50% Fib retracement level of the downward move from the $177 high to a $138 low.
With a connecting bearish trend line, we can see the main resistance is near $160 – starting a decent recovery. If this occurs, the price could recover towards the $172 resistance. On the downside, Ethereum is at risk of breaking blow $150 and the price is very likely to retest $140, according to analysts.
Any further downsides may open the gates for a push towards the $132 and $130 levels. However, this is a major “if” scenario. In that case, the next major support will be positioned near the $125 level where the bulls may emerge.
The charts today show that Ethereum is at risk and under a lot of pressure below the $155 and $160 resistance levels. At press time, Ethereum (ETH) is trading at $151.
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