Ethereum price extended its decline and broke the $175 support area against the US Dollar.

Bitcoin price is also down more than 3% and it broke the $8,000 support area.

Yesterday’s highlighted key bearish trend line is intact with resistance near $175 on the hourly chart of ETH/USD (data feed via Kraken).

The pair remains in a bearish zone and it could face resistance near $175 and $180 in the near term.

Ethereum price is under selling pressure versus the US Dollar, similar to bitcoin. ETH price remains at a risk of more losses below the $170 level.

Ethereum Price Analysis

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.

On the downside, the $172 and $170 levels are immediate supports. If there is a downside break below the $170 support, the price could continue to decline. The next stop for the bears could be near the $160 level.

Looking at the chart, Ethereum price is trading in a bearish zone below the $180 resistance and the 100 hourly SMA. If there is an upside correction, the price is likely to face a strong resistance near the $180 and $185 levels. Therefore, there are high chances of more downsides below $170 in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level, with a flat structure.

Major Support Level – $170

Major Resistance Level – $180