Ethereum Price Analysis: ETH Starts Downside Correction Below $150

THELOGICALINDIAN - Key Highlights

· ETH amount bootless to break aloft the $155 abutment and beneath afresh adjoin the US Dollar.

· Yesterday’s accent key bullish trend band was breached with abutment at $150 on the alternate blueprint of ETH/USD (data augment via Kraken).

· The brace may abide to actual lower appear the $144 or $139 abutment level.

Ethereum amount is boring affective in the bearish area adjoin the US Dollar and bitcoin. ETH/USD may advance the accepted alteration appear $144 or $139.

Recently, ETH amount bootless to bright the $159-160 resistancezone adjoin the US Dollar. The ETH/USD brace started a downside alteration and traded beneath the $155 and $150 abutment levels. There was alike a abutting beneath the $155 abutment and the 100 alternate simple affective average. The amount additionally beneath beneath the 76.4% Fib retracement akin of the contempo leg from the $147 low to $160 high.

More importantly, yesterday’s accent key bullish trend band was breached with abutment at $150 on the alternate blueprint of ETH/USD. The brace activated the $147 beat low and it is currently trading beneath the 100 alternate SMA. On the downside, the next support is abreast the $144 level. It is the 1.236 Fib addendum akin of the contempo leg from the $147 low to $160 high. If there are added losses, the amount may barter appear the $139-140 abutment zone. Besides, the 1.618 Fib addendum akin of the contempo leg is additionally abreast the $139 level. On the upside, the burst abutment abreast the $150-152 area and the 100 alternate SMA could act as a resistance.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH amount may actual a few credibility higher, but it acceptable to face sellers abreast $152. If there is a bearish continuation, the amount may conceivably abide to move bottomward appear the $144 or $139 supports. Overall, affairs abreast the $152 akin may be advised in the abbreviate appellation for a analysis of $144 or $139.

Hourly MACD – The MACD for ETH/USD is now placed in the bearish zone, suggesting added declines.

Hourly RSI – The RSI for ETH/USD is now able-bodied beneath the 50 level, with a bearish angle.

Major Support Level – $144

Major Resistance Level – $152