There was a nasty decline in ETH price below the $200 support area against the US Dollar. Bitcoin price tumbled heavily, which increased selling pressure and pushed the ETH/USD pair below the $180 and $170 levels. The price traded to a new monthly low at $165 and it is currently well below the 100 hourly simple moving average. At the moment, the price is consolidating losses above the $165 level with a bearish angle.
It recovered above the 23.6% Fib retracement level of the recent drop from the $205 high to $165 low. However, the upside move faced a strong resistance near the $180 level. More importantly, there is a short term contracting triangle formed with resistance at $178 on the hourly chart of ETH/USD. The pair may continue to move in a range below $180 before it makes the next move. If there is a downside break below $170, the price could trade below the $165 low. The next major support is close to the $150 level. On the other hand, a break above $180 is likely to face sellers near $185. It represents the 50% Fib retracement level of the recent drop from the $205 high to $165 low.
Looking at the chart, ETH price remains at a risk of more losses below $170 and $165. Selling rallies close to $180 or $185 can be considered as long as there is no close above $200.
Hourly MACD - The MACD is slightly in the bullish zone.
Hourly RSI - The RSI is currently near the 30 level.
Major Support Level - $165
Major Resistance Level - $180
11/15/2018 / 08:28:55 Source: newsbtc