2019-12-16 06:38 |
Ethereum is struggling to recover above the $144 and $146 resistance levels against the US Dollar. The price is facing an uphill task and it could continue to move down below $140. There is a key bearish trend line forming with resistance near $143 on the hourly chart of ETH/USD (data feed via Kraken). The price remains at a risk of another bearish wave below the key $140 support area.
Ethereum price is under a lot of pressure versus the US Dollar, similar to bitcoin below $7,000. ETH price could decline below the $140 support and continue lower.
Ethereum Price AnalysisRecently, Ethereum retested the $140 support area against the US Dollar. However, ETH bears failed to gain momentum below $140 and a swing low was formed near $140.
The price started an upside correction above the $142 resistance area, but upsides remained capped. Moreover, the price struggled to clear the $144 resistance and the 100 hourly simple moving average.
A high was formed near $144 and the price started a fresh decline. It is trading below the $142 level. Besides, Ethereum price is sliding below the 50% Fib retracement level of the upward move from the $140 low to $144 high.
An immediate support is seen near the $141 level. Additionally, the 61.8% Fib retracement level of the upward move from the $140 low to $144 high is also near the $141 level.
The main support is still near the $139-$140 zone. If there is a downside break below the $140 support, with a proper close, then there is a risk of another bearish wave in the coming sessions.
On the upside, there are many hurdles, starting with the $142 level and the 100 hourly SMA. More importantly, there is a key bearish trend line forming with resistance near $143 on the hourly chart of ETH/USD.
Therefore, an upside break above the $142 and $144 resistance levels is must for a decent recovery. The next immediate resistance is near $146, above which the price could continue to recover towards the $152 resistance area.
Ethereum Price
Looking at the chart, Ethereum price is under pressure and it seems like the bears are in control below the $142 and $144. If ETH fails to stay above the $140 support, there is a risk of a sharp decline towards the $135 and $132 support levels.
ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and it is moving lower towards the 40 level.
Major Support Level – $140
Major Resistance Level – $144
The post Ethereum (ETH) Recovery Won’t Be Easy, Downtrend Persists appeared first on NewsBTC.
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