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Ethereum (ETH) Downtrend Gaining Pace, $125 Next?


  • Ethereum is declining and it recently failed to recover above the $155 resistance against the US Dollar.
  • Bitcoin price is now trading well below the $7,000 level and tested the final $6,500 bearish target.
  • There is a key bearish trend line forming with resistance near $147 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is currently trading below $145 and it is likely to trade below the $135 support area.

Ethereum price is facing an increase in selling versus the US Dollar, similar to bitcoin. ETH remains at a risk of a drop towards the $125 support area.

Ethereum Price Analysis

In the weekly forecast, we discussed the chances of another breakdown below $145 in Ethereum against the US Dollar. ETH price remained in a bearish zone, failed to climb above the $155 resistance, and settled well below the 100 hourly simple moving average.

As a result, there was a downside break below the $145 support area. The decline was such that the price broke the 76.4% Fib retracement level of the recent recovery from the $138 low to $155 high.

Moreover, the price spiked below the $138 low and it is currently struggling to recover. An immediate support is near the $135 level. It represents the 1.236 Fib extension level of the recent recovery from the $138 low to $155 high.

If there are more downsides, the price is likely to test the $130 support area. Any further losses may perhaps push Ethereum towards the $125 support area in the near term. An intermediate support is near the 1.618 Fib extension level of the recent recovery from the $138 low to $155 high.

On the upside, there are many resistances, starting with $142. Additionally, there is a key bearish trend line forming with resistance near $147 on the hourly chart of ETH/USD.

To start a decent recovery, the price must clear the $142 and $147 resistance levels. However, the main resistance is still near the $155 level and the 100 hourly simple moving average, above which there are high chances of a trend change from bearish to bullish.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is declining and likely to trade towards the $135 and $130 support levels. The key support zone could be $125, where the bulls are likely to put up a strong fight in the near term.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently declining and it is well near the oversold levels.

Major Support Level – $135

Major Resistance Level – $147

The post Ethereum (ETH) Downtrend Gaining Pace, $125 Next? appeared first on NewsBTC.

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Veröffentlicht von Paul Christoph

Mein Name ist Paul Christoph Feichtinger, geboren am 15.5.1991 in Oberndorf bei Salzburg und mittlerweile stolzer Autor von 11 Büchern (7 in Deutsch und 4 in Englisch), 4 Apps (bald kommt Nummer 5) und dieser Webseite. Bei Paul Solutions bekommen alle Bücher und Apps ihre Form. Sieh dich ruhig ein bisschen auf meiner Webseite um, vielleicht gibt es auch für dich noch das ein oder andere zu entdecken. ;-)

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