Bitcoin’s weekly run lost momentum towards the end of the week as it broke below $5700. The altcoin traders tiredness grew even more as top cryptocurrencies again fall back to reach support zone. This is evident from the dominance of Bitcoin which is nearing 56%. As of now, Ethereum price is facing a lot of selling pressure against the USD and BTC.
At press time, ETH has been trading near $168 mark, with a 24 hours volume of $ 47.32 Million. Is break below $150 mark possible in the upcoming days? Following is the 06 May ETHUSD Analysis
06 May ETHUSD Analysis
Recently, there was a decent upward move above $165 mark in Ethereum price against the USD. The ETHUSD pair spiked towards the $170 resistance, but failed to hold gains. There was no clear break above the $172- $174 resistance. As a result, there was a downside correction below the $165 and $163 levels. The price even broke the $160 mark and the 100 hourly SMA. However, the $155 zone might act as a strong buy zone.
Moreover, the price of Ether recently traded above the $162 level and the 23.6% Fibonacci retracement level of the last decline from the $169 swing high to $157 swing low. There are few recovery signs as the indicators suggest, but it seems like the $163 level is acting as significant resistance. It also represents the 50% Fibonacci retracement level of the last decline from the $169 highs to $157 lows.
The price of the coin is moving lower and trading just above the key support area. If the bulls fail to defend the $156 support area, there is a risk of a sharp downfall.
The next key support is near the $153 level, below which Ethereum price might decline towards the $150 support level. On the upside, the price must clear the $172 resistance level to start an upward move.
In conclusion, ETHUSD might trade in a range above the $155- $158 zone for some time before the next break. The chances of a fresh increase are high as long as the Bitcoin price is gaining strength. If there is a downside break below $155, it could put a lot of pressure on ETHUSD pair in the near term.
ETHUSD Technical Indicators
- Support Level: $153
- Resistance Level: $172
- RSI(14): Neutral
- MACD(12,26): Sell
- STOCK(RSI): Overbought