Ethereum (ETH) Price Analysis – ETH Struggles Below $150 But Forms Cup-and-Handle Pattern

Ethereum has been trimming loss since the market recovers from a low of $131 to $159 in late November. Currently, ETH has become weak for past days and its price has now dropped to $148. However, we can expect the second-largest cryptocurrency to correct gains as soon as the buyers turn back active in the market.

Ethereum (ETH) Price Analysis: 4H Chart – Bearish

Key resistance levels: $150, $159, $174
Key support levels: $145, $140, $133

On the 4-hour chart, Ethereum is forming a cup-and-handle pattern that is likely to set a bullish swing soon. The price targets for the current bullish formation is $174 but there’s near resistance at $150, followed by $159. We can see that the bullish formation is gradually playing out on the technical indicators.

Though the RSI and the MACD are following a sideways trend to shows that the market is indecisive at the moment. Should the ETH price keep trimming loss, the market could fall to $145, $140 and even back to $133 support. The current pattern for Ethereum is likely to set a bullish run any time from now.

Ethereum (ETH) Price Analysis: Hourly Chart – Bearish

The hourly chart for Ethereum shows that the sellers are gaining control of the market for the past 8 days now. More so, the price action is still shaping inside a descending channel pattern. While trading around the channel’s upper boundary, the ETH market is subdued with choppy price actions.

If the market keeps respecting the channel pattern, we can expect a price fall to $144 and potentially $140 support. On the other hand, a channel breach could send the market to $154 and $158 resistance. The MACD is currently showing a sign of indecisiveness as well as the RSI which now sitting on the 50 level. Technically, a potential price shake is around the corner.

ETHEREUM SELL SIGNAL

Sell Entry: $148.3
TP: $144.6
SL: 151