Ethereum (ETH) Price Analysis – ETH Struggles Below $160 As Bearish Bias Remains Dominant

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.

ETHUSD, Daily Chart – December 3

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.

ETHUSD, Hourly Chart – December 3

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.

ETHEREUM BUY SIGNAL

Buy Entry: $148.5
TP: $156.2
SL: 144

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages

$100

Min Deposit
9.5
  • Trusted provider
  • Large amount of assets available
  • Secure payment methods

$250

Min Deposit
8.9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated

$200

Min Deposit
8.5
Share with other traders!

Leave a Reply

Your email address will not be published. Required fields are marked *