- ETH price started a fresh decrease after it failed to climb above the $202 resistance against the US Dollar.
- The price is down more than 8% from the high and it is now trading well below $190.
- There is a connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but upsides are likely to remain capped near the $190 resistance.
Ethereum price is trading in a bearish zone below $190 versus the US Dollar, and bitcoin declined 8%. ETH might correct a few points, but the bulls could struggle to gain traction.
Ethereum Price Analysis
After a strong rejection near the $200 and $202 resistance levels, ETH price declined heavily against the US Dollar. There were also bearish moves in bitcoin and ripple below $10,000 and $0.2800 respectively. It opened the doors for more losses and ETH declined below the key $190 support level. Moreover, there was a break below the $188 level plus a close below the 100 hourly simple moving average.
Ethereum price tested the $180 support level and recently corrected higher. There was a break above the $185 level plus the 23.6% Fib retracement level of the recent decline from the $203 high to $180 swing low. However, the upward move was capped by the $190 resistance. Moreover, the price failed to test the 50% Fib retracement level of the recent decline from the $203 high to $180 swing low.
There is also a connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD. The pair is now trading well below the $190 resistance and the 100 hourly SMA. On the downside, an immediate support is near the $180 level. If there is a bearish break below $180, Ethereum price is likely to accelerate its decline towards $175 and $172.
On the upside, the bulls are facing a strong resistance near the $190 zone. Therefore, a successful close above the $190 resistance and the 100 hourly SMA is needed for a fresh increase. The next immediate resistance is near the $195 level, followed by the main $202 resistance.
Looking at the chart, Ethereum price is clearly facing a lot of hurdles on the upside near the $190 and $192 levels. Therefore, there is a risk of more downsides below the $180 support level. Besides, if bitcoin slides further below $9,500, it could drag the crypto market lower.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently near the 50 level.
Major Support Level – $180
Major Resistance Level – $190
