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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Dives To $170, Is $160 Next Bear Target?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • 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.

Ethereum Price Analysis ETH Chart

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

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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