Price Analysis

Ethereum (ETH) Loses its Bullish Vibe; Tests Key Support Levels

  • ETH seems to have a support level at $146; tested a few times
  • The coin is down as compared to its opening price; however, yesterday’s lows are intact
  • Technical indicators give mixed signals; SMAs have recently traced a Death Cross

Ethereum has been dropping with a bearish bias for the better part of the day. Recently, the coin has stopped the price decline as it consolidates between the 0% and 23.60% Fib level.

Ethereum Price Analysis

ETH price is currently below the 23.60% Fib level after a 7-hour long bearish spree. The coin opened at $148.10 today and initially dropped below $148.00 before striking a surge above $148.10. It gradually pulled back to $147.22 and kept trading around $147 till it saw another major decline. At around 9:00 UTC, Ethereum price has broken below $147 and touched $146.43.

From here, ETH coin managed a rebound above the 50% Fib level but again corrected down to 0% Fib level. Recently, Ethereum has started to uplift the trend yet is still below the 23.60% Fib level.

Ethereum Price
ETH Price Chart By TradingView

SMA lines have formed a Death Cross today, noting a negative sign for the coin. MACD chart, meanwhile, is in the bearish zone with its MACD line on the upside. RSI is at 44, showing no extremities.

The price of Ethereum is still carrying a selling pressure as it is yet to step out of the bearish impact. The coin is likely to see resistance levels at $153.12, $156.99, and $160.82 and support levels at $145.42, $141.59, and $137.72.

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Ruti Vora

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