- Ethereum price is declining again after it failed to break $178 and $180 against the US Dollar.
- Bitcoin price is also moving down and it is likely to break the $8,000 support area.
- There is a key bearish trend line forming with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more downsides below the $170 and $168 support levels.
Ethereum price is resuming its downtrend below $175 versus the US Dollar, similar to bitcoin. ETH price could even break the $168 support and decline towards $160.
Ethereum Price Analysis
This week, we discussed the importance of the $178 and $180 resistance levels for Ethereum against the US Dollar. ETH did test the $178 resistance area recently, but it failed to continue higher.
As a result, there was a fresh decline initiated from $178 and the price broke the key $175 support. Similarly, there were bearish moves in bitcoin price after it failed to settle above the $8,200 level. BTC may perhaps continue to move down towards the $7,800 support.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is declining and is well below the 40 level.
Major Support Level – $168 Major Resistance Level – $175