Tuesday, July 16, 2019

Ethereum (ETH) Price Approaching Significant Support

This post was originally published here

ETH price started a downside correction after testing the $188 level against the US Dollar.The price declined below the $174 and $165 support levels to move into a short term bearish zone.There is a crucial bullish trend line forming with support at $155 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair could decline further towards the $155 support before it could bounce back.Ethereum price started a major downside correction versus the US Dollar and bitcoin. ETH is currently under pressure and it seems like the price could test the $155 support before higher.Ethereum Price Weekly AnalysisThis past week, Ethereum price traded towards the $185 and $188 resistance levels against the US Dollar. The ETH/USD pair faced a strong selling interest near the $185 resistance zone, resulting in a bearish reaction. The price started a downside correction and broke the key $174 support area. There was a break below the $170 level and the 50% Fib retracement level of the last wave from the $154 swing low to $188 swing high.It opened the doors for more losses and the price declined below the $165 support. It tested the $162 support area and the 100 simple moving average (4-hours). Besides, the 76.4% Fib retracement level of the last wave from the $154 swing low to $188 swing high. On the downside, there is a crucial bullish trend line formed with support at $155 on the 4-hours chart of ETH/USD. The pair is likely to find a strong buying interest near the $155 and $156 support levels. It seems like there could be a final downside push towards the $155 level before the price could bounce back sharply.On the upside, an initial resistance is near the $166 level, above which the price may revisit the $170 level. However, the main resistance is at $175, above which the price is likely to resume its upward move above $180 in the coming days. On the other hand, if the price fails to hold the $155 support area, there could be more losses in the near term.The above chart indicates that Ethereum is approaching a few important supports levels near the $155 and $156 levels. As long as the price is trading above the $155 support, there are chances of a fresh increase above the $170 level. Below $155, the next immediate support is at $152, below which the price may test $144.Technical Indicators4 hours MACD – The MACD for ETH/USD is about to move back in the bullish zone.4 hours RSI – The RSI for ETH/USD is currently positioned well below the 45 level.Major Support Level – $155Major Resistance Level – $170

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Name Price24H (%)
Bitcoin (BTC)
$10,069.00
-5.53%
Ethereum (ETH)
$209.92
-9.53%
XRP (XRP)
$0.301497
-4.56%
Litecoin (LTC)
$83.52
-9.64%
Stellar (XLM)
$0.082582
-5.33%
Monero (XMR)
$79.66
-4.07%
EOS (EOS)
$3.90
-11.50%
Bitcoin Cash (BCH)
$285.55
-10.30%

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