Ethereum is down more than 10% from the $175 monthly high against the US Dollar and bitcoin. ETH price is still in a larger uptrend as long as it is above the $145 support.
- ETH price started a fresh decline after it failed to surpass $175 and $180 against the US Dollar.
- There was a break below the $162 support, but the price is still above the 100 simple moving average (4-hours).
- There is a key connecting bullish trend line forming with support near $155 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to bounce back as long as it is above the $145 and $150 support levels.
Ethereum Price is Testing Major Support
This past week, Ethereum made a couple of attempts to gain strength above the $175 and $180 resistance levels against the US Dollar, but it failed. ETH price formed a new monthly high at $175 and recently started a fresh decline.
There was a break below the $165 and $162 support levels to enter a short term bearish zone. The price even traded below the 50% Fib retracement level of the upward move from the $141 swing low to $175 monthly high.
It is now trading below the $160 support, but holding the 100 simple moving average (4-hours). More importantly, there is a key connecting bullish trend line forming with support near $155 on the 4-hours chart of ETH/USD.
The 61.8% Fib retracement level of the upward move from the $141 swing low to $175 monthly high is also acting as a support. If there is a downside break below the $155 support, Ethereum price could decline further.
The next major uptrend support is near the $145 level (the previous breakout zone). If the bulls fail to keep the price above the $145 support, it could slide further towards the $132 support level.
If Ethereum price remains well bid above the $145 support and the 100 simple moving average (4-hours), it could start a fresh increase. An immediate resistance is near the $162 level.
The first key resistance is near the $168 level and a connecting…