- 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.
The recent price action in Ethereum pushed it below the $175 and $174 levels. Moreover, there was a close below the $172 support and the 100 hourly simple moving average. The bears pushed the price below the 50% Fib retracement level of the upward move from the $169 swing low to $178 high.
At the outset, the price is testing the $170 level, plus trading well below the 76.4% Fib retracement level of the upward move from the $169 swing low to $178 high. Therefore, there are chances of more downsides below the $170 and $168 support levels.
If there is a break below $170, ETH could test the 1.236 Fib extension level of the upward move from the $169 swing low to $178 high at $167. Having said that, the price is likely to continue lower and trade towards the $162 and $160 support levels.
On the upside, there is a key bearish trend line forming with resistance near $172 on the hourly chart of ETH/USD. Thus, a clear break above the trend line and close above $175 is needed for a fresh increase in the near term.