Ethereum (ETH) Resumes Downtrend, Bitcoin Down 2%

2019-10-23 06:08

Ethereum price is declining again after it failed to break $178 and $180 against the US Dollar. Bitcoin price is also moving down and it is likely to break the $8,000 support area. There is a key bearish trend line forming with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains at a risk of more downsides below the $170 and $168 support levels.

Ethereum price is resuming its downtrend below $175 versus the US Dollar, similar to bitcoin. ETH price could even break the $168 support and decline towards $160.

Ethereum Price Analysis

This week, we discussed the importance of the $178 and $180 resistance levels for Ethereum against the US Dollar. ETH did test the $178 resistance area recently, but it failed to continue higher.

As a result, there was a fresh decline initiated from $178 and the price broke the key $175 support. Similarly, there were bearish moves in bitcoin price after it failed to settle above the $8,200 level. BTC may perhaps continue to move down towards the $7,800 support.

The recent price action in Ethereum pushed it below the $175 and $174 levels. Moreover, there was a close below the $172 support and the 100 hourly simple moving average. The bears pushed the price below the 50% Fib retracement level of the upward move from the $169 swing low to $178 high.

At the outset, the price is testing the $170 level, plus trading well below the 76.4% Fib retracement level of the upward move from the $169 swing low to $178 high. Therefore, there are chances of more downsides below the $170 and $168 support levels.

If there is a break below $170, ETH could test the 1.236 Fib extension level of the upward move from the $169 swing low to $178 high at $167. Having said that, the price is likely to continue lower and trade towards the $162 and $160 support levels.

On the upside, there is a key bearish trend line forming with resistance near $172 on the hourly chart of ETH/USD. Thus, a clear break above the trend line and close above $175 is needed for a fresh increase in the near term.

Ethereum Price

Looking at the chart, Ethereum price is clearly resuming its downtrend below $175 and $172. The price action is negative, suggesting more downsides below the $170 and $168 support levels. The next major stop for the bears may perhaps be $160.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is declining and is well below the 40 level.

Major Support Level – $168

Major Resistance Level – $175

The post Ethereum (ETH) Resumes Downtrend, Bitcoin Down 2% appeared first on NewsBTC.

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