- Ethereum attempted to recover this week but only managed to rise by a small 2%.
- The cryptocurrency remains trapped within a symmetrical triangle against Bitcoin.
- Momentum has returned back into the favor of the bears as the coin shapes up for another drop lower.
Key Support & Resistance Levels
Support: $140, $133.50, $128.35.
Resistance: $158.60, $165, $175, $185.
Support: 0.020 BTC, 0.0196 BTC, 0.0190 BTC
Resistance: 0.0210 BTC, 0.0215 BTC, 0.0223 BTC
ETH/USD – Ethereum Fail To Meet $160 And Falls
Since our last analysis, Ethereum managed to rebound from the support around $133.50 and successfully climbed back above the $150 level. However, the increase was halted as ETH ran into resistance at the $158.60 level. The coin rolled over from there and started to fall again.
Ethereum decreased below $150 to reach its current trading price at around $149.80 and the trend seems rather bearish. For this to change, we would need to see ETH breaking above the resistance at $194 which is a long way away!
Ethereum Short Term Price Prediction
Ethereum is back on the bearish footing as it looks to head lower. Toward the downside, we can expect immediate support to be located at $140 and then at the October low at around $133.50. If the sellers break beneath the October support, we can expect added support at $130 (lower boundary of descending price channel) and $128.35.
Alternatively, if the bulls can regroup and push higher beyond $150 we can expect immediate resistance to be located at $158.60. Above this, higher resistance lies at $175 (upper boundary of price channel), and $185.
The Stochastic RSI did end up producing a bullish crossover signal, however, this only allowed the market to reach the $158 resistance level. The RSI is back on the downturn as the bears continue to increase their selling pressure.