Ethereum Price Won’t Go Down Quietly, A Bounce May Occur Soon

The price of Ethereum recently failed to clear the $162 resistance and declined against the US dollar. Now, the ETH price is approaching the main $145 support zone, where the bulls might take a stand. As it stands in the crypto news today, the Ethereum price won’t go down quietly and is showing a few bearish signs below the $155 and $162 resistance levels.

We can also see that a new monthly low is formed near $148 and the price is currently consolidating. there are two key bearish trend lines forming with resistance near $161 and $165 on the hourly chart of the ETH/USD pair.

As of recently, Ethereum started a decent upward move from its $150 support area against the US Dollar. The ETH price climbed above the $155 and $160 resistance levels. Still, the price faced a strong resistance near the $162 level and the 100 hourly simple moving average. There are also two key bearish trend lines which are forming with resistance near the $161 and $165 levels on the hourly chart of the pair.

A swing high was formed near $163, and the price declined heavily. Now it seems like Ether was rejected above the $162 resistance and the 100 hourly SMA. This recent decline was such that the price of the coin even broke the $150 support and managed to visit a new monthly low at $148.

Now, the Ethereum news show that the price of ETH is correcting higher and trading above $150. We can see that the Ethereum price won’t go down quietly after this – besides, it is also testing the 23.6% Fib retracement level of the recent decline from a $163 high to a $148 low.

On the upside, we can notice immediate resistance near the $154 and $155 zones. The 50% Fib retracement level of the recent decline is also near the $155 level. The main resistance is still near the $162 level and the 100 hourly simple moving average.

We can see that a successful close above $162 is needed to start a strong increase in the coming sessions – while the next major resistance is seen near the $168 and $170 levels. On the downside, there is a major support waiting near the $145 area (as we discussed before) and if there is a bearish break, the price could definitely visit $120 lower levels.

The technical indicators for the Ethereum price are now as following:

• Hourly MACD – The MACD for ETH/USD is now visiting the bearish zone.
• Hourly RSI – The RSI for ETH/USD is now just above the 30 level.
• Major Support Level – $145
• Major Resistance Level – $155