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Ethereum (ETH) Stuck In Range Below Key Resistance, Bitcoin Struggling

Altcoins 2019/12/10 04:08 by Aayush Jindal
  • Ethereum is struggling to clear the key $152 resistance area against the US Dollar.
  • The price is declining and it is now trading near the $146 support area.
  • Yesterday’s major bullish trend line was breached with support near $148 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could continue to move down and it might test the $144 support zone.

Ethereum price is showing a few bearish signs versus the US Dollar, while bitcoin is down 2%. ETH price must stay above $144 to revisit the $152 resistance area.

Ethereum Price Analysis

Yesterday, Ethereum made another attempt to surpass the $152 resistance area against the US Dollar. However, ETH price struggled to continue higher, formed a top near the $152 level, and declined recently.

The price traded below the $150 and $148 levels. Moreover, there was a close below the $148 level and the 100 hourly simple moving average. Besides, yesterday’s major bullish trend line was breached with support near $148 on the hourly chart of ETH/USD.

The pair is now trading near the $146 support level. If the price fails to stay above the $146 support, it could decline further towards the key $144 area. Any further losses might lead Ethereum towards the $142 level in the near term.

On the upside, an immediate resistance is near the $148 level. Additionally, the 23.6% Fib retracement level of the recent decline from the $152 high to $146 low is also near the $148 level.

The first key resistance is near the $150 level since it is close to the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $152 high to $146 low is also near the $150 level.

More importantly, the $152 level remains a strong barrier for the bulls. Bitcoin price is also declining and struggling to stay above the $7,320 level. Therefore, there is a risk of an extended decline in ETH below the $146 and $144 support levels in the near term.

To move into a positive zone, the price must break the $150 level and gain strength above the $152 hurdle.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly back in a range, with a significant resistance near the $152 level. On the downside, the price must stay above $144 or $142 to recover again. If not, it could continue to move down towards $132.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining strength in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now well below the 40 level, with a bearish angle.

Major Support Level – $144

Major Resistance Level – $152

The post Ethereum (ETH) Stuck In Range Below Key Resistance, Bitcoin Struggling appeared first on NewsBTC.

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