Ethereum failed to break through the $170 resistance level and expanded the decline.
- Ethereum price analysis on April 9
- Analysis of the price of Ethereum on May 7
- Ethereum price analysis on April 12
- Ethereum price analysis on May 6
- Ethereum price analysis on April 11
- Analysis of the price of Ethereum on May 8
The price of the currency fell to a new low of $155, but was subsequently revised to above $160.
On the hourly price chart, there is a key bearish trend line with resistance at $166.
Ethereum may continue to fall, but it may find support around $155 and $150.
Ethereum price analysis
Yesterday, Ethereum rebounded well and rose above $165 and $166. The deal pair tested $170, but the seller appeared, preventing further gains. After forming a top near $170, the price started a new round of decline. Prices have entered a bearish range after falling below the $165 and $160 support levels. The decline was so large that Ethereum set a new low near $160 and closed at the 100-hour simple moving average.
At the fall of $155, Ethereum formed a new low and then began a new round of gains. During this upswing, the price broke through $160 and the 23.6% Fibonacci retracement of the last decline (from a high of $170 to a low of $150). The first resistance is between $162 and $163. The dollar range coincides with the last 50% Fibonacci retracement (from a high of $170 to a low of $150). On the hourly price chart, there is a key bearish trend line with resistance at $166.
Therefore, if the price rises above $163, Ethereum may encounter sellers around $166. If the buyer fails to push the price above $166, the price may fall again. In terms of decline, $155 and $150 will be two important resistance levels. As long as the price is above these support levels, there is a possibility of breaking through $165 and $170 in the next few days.
As can be seen from the chart, Ethereum prices showed bearish signs below $166 and $170. Therefore, before the rise, Ethereum may fall to the level of $155 and $150. If Ethereum breaks the resistance level on the trend line, the price of the currency will likely move towards $170.
Technical indicator signal
MACD per hour – MACD is currently in a bearish range with negative signs
RSI per hour – RSI rebounds to above 35, but well below 50
Main support level – $155
Main resistance level – $166
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Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.