Ethereum: USD/ETH (ETH=) price extended its decline and broke the $175 support area

Ethereum: USD/ETH (ETH=) price extended its decline and broke the $175 support area

Yesterday, we saw bearish signs for Ethereum below the $185 resistance area against the US Dollar. ETH price remained in a bearish zone and even broke the $180 support. Moreover, there was a close below $180 and the 100 hourly simple moving average. It opened the doors for more downsides and the price broke the key $175 support area. It traded close to the $170 level and a swing low was formed near $171.

At the moment, the price is consolidating losses above the $172 level. An immediate resistance is near the $175 level. Moreover, the 23.6% Fib retracement level of the recent drop from the $188 high to $171 low is near the $175 level. Besides, yesterday’s highlighted key bearish trend line is intact with resistance near $175 on the hourly chart of ETH/USD.

If there is an upside break above $175, the price could test the $177 resistance area. However, the next key resistance is near the $180 level. It represents the 50% Fib retracement level of the recent drop from the $188 high to $171 low. Additionally, the 100 hourly SMA is also positioned near the $180 level to act as a strong resistance if the price corrects higher in the near term.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 201.20.

The projected lower bound is: 152.63.

The projected closing price is: 176.92.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 30.0657. This is not an overbought or oversold reading. The last signal was a sell 7 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 46.40. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 28 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -61. This is not a topping or bottoming area. The last signal was a sell 6 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 0.680 at 176.770. Volume was 90% below average (consolidating) and Bollinger Bands were 58% narrower than normal.

Open     High      Low     Close     Volume___
176.090 177.960 172.920 176.770 6,504
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 182.18 182.51 211.73
Volatility: 69 84 90
Volume: 49,088 71,883 66,728

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.


FOREX ETH= is currently 16.5% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of ETH= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on ETH= and have had this outlook for the last 21 periods.

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