- Ethereum rallied sharply above the $150 resistance, but failed near $152 against the US Dollar.
- The price is trimming gains and it is back to pre-rally levels near the $144 support.
- There is a short term bullish trend line forming with support near $145 on the hourly chart of ETH/USD (data feed via Kraken).
- The price remains at a risk of more losses below the $145 and $144 support levels.
Ethereum price rally above $150 seems to be fake versus the US Dollar, similar to bitcoin. ETH price is back below $150 and it could continue to move down.
Ethereum Price Analysis
Recently, Ethereum started a strong upward move above the $148 and $150 resistance levels against the US Dollar. Moreover, ETH price spiked above the $152 resistance and the 100 hourly simple moving average.
However, the price failed to retain the bullish momentum and topped near the $153 level. As a result, there was a fresh decline below $150 and the price trimmed most its gains.
Besides, the price is trading below the 50% Fib retracement level of the recent rally from the $144 swing low to $153 high. More importantly, Ethereum is back below the $148 level and the 100 hourly simple moving average.
At the moment, the price is declining below the 76.4% Fib retracement level of the recent rally from the $144 swing low to $153 high. An immediate support is near the $145 and $144 levels.
Additionally, there is a short term bullish trend line forming with support near $145 on the hourly chart of ETH/USD. If there is a downside break below the $145 and $144 support levels, the price could even trade below the $142 level.
The next major support is near the $140 level, below which it may perhaps test $135. On the upside, an initial resistance is near the $146 level, followed by $148.
The main resistances are still near the $150 and $152 levels. A successful close above the $152 level is needed for the bulls to take control. In the mentioned case, the price is likely to accelerate higher towards the $158 and $160 resistance levels.
Looking at the chart, Ethereum price is back in a bearish zone and the recent rally above $150 turned out to be a total disaster. If the price continues to move down, there are chances of a downside break below the $140 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is now back in the bearish zone, with negative signs.
Hourly RSI – The RSI for ETH/USD is back below the 50 level, with a bearish angle.
Major Support Level – $142
Major Resistance Level – $150