Ethereum (ETH) Hits Below $150; Holds Risk of Downside Breakout

Ethereum price notably slips below $150; now remains inclined to the lower trading range, with the lower price being $146 and the upper one being $157. There happens to be an S/R flip, and as $150 remained the major support for seven days in a row, it will now act as the major resistance to trade persistently.

Moreover, the $145 price area is also serving as the pivotal support, which was hit initially in a week’s range. Before the said date, ETH/USD had a few traces of trading below $145. Similarly, the pivotal resistance for the current trading price after $150 lies at $155 and $160 if there is no drastic change in the market. The current price trend is exhibiting the further anticipated fall of Ethereum price unless there is any breakout.

Ethereum Price Analysis:

Ethereum Price
ETH Price Chart By TradingView

The half-hourly movement of Ethereum on Coinbase shows the range-bound trading of the coin against USD. The current movement is inclined to the downside, and a move below $146 will confirm the complete bear pressure on the price of ETH coin. This retreat from the top at $157 accounts to 5.63% until the time of writing. ETH, just like any other altcoin, is sailing with complete selling pressure at present and holds no active support.

However, a sustainable trade above the said upper bound range is a requirement for the coin to gain traction and hit a bullish crossover, which seems to be a task at present. Neither the short-term nor the long-term moving average is providing any ground for the coin to fall. An upside breakout may lead the price of Ethereum to hit the trade around 30-day EMA followed by 30-day SMA.

Technical Indicators:

The MACD of Ethereum is running above zero but holds a bearish crossover as the coin has slid below $150, and the signal line cuts MACD line from below.

The RSI of the ETH coin is 50.76 and holds no extremities at present but seems to bend towards the oversold region due to intense selling pressure.

You can go through Ethereum price prediction to find more information on the expected coin price for upcoming years.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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