Analysis of the price of Ethereum on May 8
After breaking through $180, Ethereum began a new round of decline.
The price of the currency fell below the support level of $175 and is likely to fall further.
On the hourly price chart, there is a short-term connected bearish trend line with resistance at $172.
Before testing $172 and $174, Ethereum might have several hours of integration.
Ethereum price analysis
Yesterday, Ethereum prices continued to climb and broke the resistance levels of $170 and $175. Soon after, Ethereum broke through the $178 and 100-hour SMA again. The seller appeared when it was near $180. Subsequently, the price of the currency began to fall and fell below the support level of $175. After exposing the currency hacking and 7,000 bitcoins, the Ethereum price began to accelerate. Soon after, Ethereum fell below $169 and 100 hours SMA.
In the downside, Ethereum fell below the last fluctuating 61.8% Fibonacci retracement (from a low of $160 to a high of $180). However, Ethereum eventually found support at the level of $164 and is currently consolidating losses. The first resistance is at $168 and the 100-hour SMA. In addition, the last drop of the 23.6% Fibonacci retracement (from a high of $180 to a low of $164) is also around $168. Above $168, there are also many resistance levels around $170 and $172.
On the hourly price chart, there is a short-term connected bearish trend line with resistance at $172. The trend line coincides with the last 50% Fibonacci retracement (falling from a high of $180 to a low of $164). Therefore, if you want to start a new round of rise, you must break through $172. The next key resistance is $175 and $180.
As can be seen from the chart, the Ethereum price has greatly reduced the increase and once fell below the key support level of $170. If the price fails to hold $164, the price will increase the loss. The next major support is at $160. Below this price, Ethereum will test $156 support.
Technical indicator signal
MACD per hour – MACD returns to bearish range
RSI per hour – RSI steadily drops below 50, currently close to 40
Main support level – $164
Main resistance level – $172
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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.