Ethereum’s Price Shows Signs Of Extended Decline: Analysis

Ethereum’s price is now trading below the multiple key resistance points versus the US dollar and Bitcoin and the price is expected to extend its decline as long as it is below $175 as we are reading in the ethereum news today.

Just a few days ago, we discussed the importance of the $175 resistance level for the Ethereum’s price against the US dollar. ETH still struggles to climb above the $172 and $175 resistance levels and as a result, there is a huge decline below the $165 support line. Also, the price broke the $160 support level remade the last swing low near the $152 level. Currently, it is holding and correcting higher while trading above the $160 level but it is still below the 100 hourly simple moving average. Moreover, there was also a break above the 50% Fib retracement level from the recent decline of $174 with a swing to a low of $152. Currently, the price is consolidating near the $165 level and on the upside, there could be a strong resistance met to the $170 level. There is also a new connecting bearish trend line that is forming along the $168 resistance line on the hourly charts of ETH/USD.

The trend line is getting close to the 76.4% Fib retracement level from the recent decline from the 4 swing high to the 2 swing low.
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Also, an upside break above the $168 resistance level could push the Ethereum’s price even higher. However, the price still needs to surpass the key level of $172 in order to continue higher. The 100 hourly simple moving average is standing near the $178 in order to be able to provide resistance. As per the latest cryptocurrency news today we can see that the price has good chances to resume the decline If it fails to climb above the $168. The immediate support near the $162 is waiting. If there is a successful break above this level, the price will likely revisit the $152 support area. The price is showing some bearish signs below the $170 level and it has to surpass a lot of pit stops before consolidating.