Ethereum failed to clear the $162 resistance and declined recently against the US Dollar. ETH price is now approaching the main $145 support, where the bulls might take a stand.
Ethereum is showing a few bearish signs below the $155 and $162 resistance levels.
A new monthly low is formed near $148 and the price is currently consolidating.
There are two key bearish trend lines forming with resistance near $161 and $165 on the hourly chart of ETH/USD (data feed via SimpleFX).
The bulls are likely to take a strong stand as long as the price is above $145 (as discussed in the weekly analysis).
Ethereum Price Facing Hurdles
Recently, Ethereum started a decent upward move from the $150 support area against the US Dollar. ETH price climbed above the $155 and $160 resistance levels.
However, the price faced a strong resistance near the $162 level and the 100 hourly simple moving average. There are also two key bearish trend lines forming with resistance near $161 and $165 on the hourly chart of ETH/USD.
A swing high was formed near $163 and the price declined heavily. It seems like Ether was rejected above the $162 resistance and the 100 hourly SMA. The recent decline was such that the price even broke the $150 support and traded to a new monthly low at $148.
It is currently correcting higher and trading above $150. Besides, it is testing the 23.6% Fib retracement level of the recent decline from the $163 high to $148 low.
On the upside, an immediate resistance is near the $154-$155 zone. The 50% Fib retracement level of the recent decline from the $163 high to $148 low is also near the $155 level. The main resistance is still near the $162 level and the 100 hourly simple moving average.
A successful close above the $162 resistance zone is needed to start a strong increase in the coming sessions. The next major resistance is seen near the $168 and $170 levels.
$145 as a Key Buy Zone
On the downside, there is a major support waiting near the $145 area (as discussed in the weekly analysis). If there is a bearish break below the$145 support, the price could dive towards $120.
Conversely, the bulls are likely to aim a strong recovery wave above $162 as long as the price is above $145.
Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 30 level.
Major Support Level – $145
Major Resistance Level – $155