Since the weekly opening, Ethereum has been seen a substantial drop, making the token to loss 7% of its value. From this week high of $153, the second performing cryptocurrency now trades at $146 with a market cap of $15.9 billion. Today, ETH is down by 0.57% but it could recover as soon as the volume and volatility become more significant.
Ethereum (ETH) Price Analysis: Daily Chart – Bearish
Key resistance levels: $159, $174
Key support levels: $140, $133
The last three weeks trading has become very rough for Ethereum, especially to surpass the $159 resistance zones. At the same time, Ethereum has been supported by the $140, although the bearish bias is still looking dominant in the daily chart. Moreover, the token has continued to remain in a descending channel pattern.
Leaving this tight price range, Ethereum would climb back to $174 if the buyers can break the $159 resistance. Inversely, Ethereum could roll back to $133 – the November low if the price drives beneath the $140 support.
Currently, ETH is trading above the RSI 30 level to show a sign of small recovery in the market. But on the MACD indicator, Ethereum remains negative but a recovery is likely if the buyers can turn active in the market.
Ethereum (ETH) Price Analysis: Hourly Chart – Bearish
The last two days of selling has triggered a lot of pressure to the downside, bringing Ethereum out of the ascending channel that was formed since December 4. But looking at the current double-bottom pattern, it appeared there’s hope for the bulls as Ethereum may recover soon.
Meanwhile, the closest resistance for the bull is $148. A further climb would bring trading back inside the channel boundary as $150, $152 and $154 resistance could be revisited.
We can see that the RSI and the MACD indicators are slowly climbing back to reveal an incoming bullish momentum. However, if the positive signal turns false, the bears may resume pressure. Nevertheless, ETH is currently relying on $144 support.
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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.