ETH to USD: Ethereum Price Analysis, About to Crash?

2 months ago

Technical Indicators:

Support Level: $157

Resistance Level: $163

Key Points:

  • Ethereum price started a downward correction, however, the support around $157 proved strong enough to stop further losses.
  • Strong resistance is formed around $163.
  • A bearish pattern is being formed with resistance around $163 on the hourly chart.
  • It is very essential for Ethereum price to maintain its position above $157 support level to avoid a bear attack.

Ethereum Price Analysis

Summary: Ethereum price is currently facing a lot of bearish pressure against both BTC and USD. If $157 support level remains strong, ETH might be able to break through $163 resistance level.

Ethereum price showed bullish moves recently after rising above $165 resistance level. ETH tested the $170 resistance zone, however, it could not break through and hence corrected downwards. The selling pressure increased and Ethereum price fell below $163 support level. ETH also fell below $160 level and the 100 hourly SMA to move into a negative zone. However, the support around $157 proved strong enough to stop further losses.

Ethereum price started to gain momentum again, however, it is facing a lot of selling pressure around $163 which is acting as a very strong resistance level. Currently, ETH is correcting downwards towards $157 support level. It is very essential for ETH price to stay above this range to avoid sharp declines.

If Ethereum price falls below $157 and $155 support level, it could test $150 and even $145 levels. However, if ETH is able to break through the $163 resistance zone, it could turn bullish and move towards $165 and $170 levels. A bearish pattern is also being formed with resistance around $163 on the hourly chart.

ETH/USD Price Chart 6 May

The chart shows that ETH price is currently trading in a short range over the $157 support level. If buyers stay in force, Ethereum might soon break above $163 and $165 resistance levels to move towards $170. However, if ETH breaks below $157 and $155 support level, there are chances of ETH crashing below $150 level.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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