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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
technical analysis ethereum

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

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • 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

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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