Ethereum has seen a substantial loss of about -6% over the past five days of trading, making the token to trade at $148 at the moment. Meanwhile, the market is still very much on a six-month downward range. ETH is likely to remain bearish for the rest of the year if the buyers fail to show a strong commitment to trading. As of now, the second-largest cryptocurrency is down by -0.15% with a market cap of $16.1 billion.
Ethereum (ETH) Price Analysis: Daily Chart – Bearish
Key resistance levels: $158, $177
Key support levels: $138, $131
The daily outlook for Ethereum shows a bearish momentum which appears unending at the moment. Following last week sell-off, ETH has managed to recover a bit after locating support near the channel’s lower boundary at $132. If the buyers can continue to act upon this support, the price of ETH may reclaim $158 and $177 resistance. But as it stands now, the market is under a small bearish correction.
Before we can consider an upward move, Ether needs to move out of the descending channel. Looking at the last few days of drops, ETH may retest near support at $138 and possibly $131. As shown on the technical indicators, the MACD is still in a bearish condition. Though, the RSI has recovered from the oversold condition but remains in a downward direction. We can expect a price increase as soon as the buyers step back into the market.
Ethereum (ETH) Price Analysis: Hourly Chart – Bearish
Ethereum has continued to show a sign of weakness on the hourly chart as the market now formed a descending channel which has been shaping since November 28. The sellers are gaining control of the market. Currently, ETH is testing the channel’s upper boundary with a more bearish setup. The key support to watch out for is $146 and $143. It may become heavy if a channel break-down occurs.
However, if Ethereun clearly breaks out of the channel’s upper boundary, the bulls would reclaim the $152 and $156 resistance within a blink of an eye before deciding on the next move. A look on the RSI suggests that the ETH market is under bearish pressure. However, the MACD indicator is about to leave the negative zone. We can expect a breakout if MACD makes a clear bullish crossover.
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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.