Ethereum price is moving south against the US Dollar and bitcoin. ETH/USD broke the $185 low and it will most likely extend losses below $175.
There was a minor upward move towards the $195 level in ETH price against the US Dollar. The ETH/USD pair even traded close to the $200 level and formed a high at $199.55. Later, there was a sharp downside move and the price broke the $190 support. More importantly, the price broke the $185 low and traded to a new low at $176.25. It seems like the price failed to move past $200 and it currently well below the 100 hourly simple moving average.
Recently, the price corrected higher from the $176 swing low. It traded above the 23.6% Fib retracement level of the last decline from the $199 high to $176 low. However, the upside move was capped by the $185-188 zone. Besides, there was no test of the 50% Fib retracement level of the last decline from the $199 high to $176 low. On the upside, there are two bearish trend lines in place with resistance at $190 on the hourly chart of ETH/USD. Therefore, if the price corrects higher, it could face heavy offers near the $185 and $190 levels.
Looking at the chart, ETH price is in a clear bearish trend below $190. If sellers gain momentum, there could be more losses below $175 and $170.
Hourly MACD – The MACD is slightly placed in the bearish zone.
Hourly RSI – The RSI is now well below the 40 level with bearish signs.
Major Support Level – $175
Major Resistance Level – $190
