ETH Price Analysis – Bears Are Getting Heavy

After several failed attempts to move ETH price above the resistance level around $148-$150, ETH broke out from the lower trendline of the ascending triangle pattern and continues its downfall.

Currently, trading at 142$, if selling pressure continues from the current level, we may test the first line of support around $138. If the price level doesn’t hold there, we may see more losses and test the second line of defense around $130.

On the flip side, hourly RSI indicates sellers may soon get exhausted and both daily MACD and MA(50,100) seems to indicate bulls are still in the game. Therefore, if bears could not break the bulls first defense line near 138$, we may hope for a trend reversal and re-test prices at 148$.

[Scroll down to read “Are we still in the bear market“]

Are we still in the bear market:

As per the chart patterns (from Dec 18th – Feb 19th), it seems like a formation of a symmetrical triangle. In the following days, if bulls remain strong and breakout clean above $148-150, we may see a conversion to ascending triangle formation with upper trendline near 160$. If a breakout above $160 happens, we may test new highs near $220-240. A start of bull run.

On the other side, If selling continues, the rally is over. ETH price could test support near $120-124 levels. A breakout from the lower line of the symmetrical triangle would mean continued long bear hold and may push prices further down to new lows near $50.