Ethereum price is showing a few bearish signs after a recent decline below the $180 support level. Will the ETHUSD pair extend the downward trend?
Ethereum Price Medium-term Analysis
Yesterday October 31, the price of Ethereum (ETH) was in a range-bound movement. Nevertheless, Ethereum price declined below the $183 support level after an unsuccessful attempt to settle above $185 mark.
Finally, ETH spiked below the $180 support and traded to a new intraday low near $177. Recently, there was an upside correction above the $180 and $182 levels. As at the time of writing, the coin is changing hands at $181 level.
On the upside, if the bulls break above the $183 level, the coin rise towards the $188 and $190 resistance levels.
On the other hand, if this support level goes way, the downside momentum might start snowballing and the next bearish target awaits at $175. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is in a bearish trend. The pair is struggling to hold the $180 and $178 supports. More importantly, there is a new connecting bearish trend line forming with resistance near $183 on the chart.
The price of ETHUSD could either break the $185 resistance or extend losses below the $175 support level. That said, a clear break below the $175 support won’t be easy in the coming sessions. Below $175, the next buy zone could be near the $165 level
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $185, $190, $205
- Support Levels: $180, $175, $165
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.