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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Price Plunges to $160: Can Bulls Save The Day?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Bulls Save

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Ethereum started a sharp decline from the $180 resistance, similar to bitcoin from $9,200. ETH declined towards $160, but it is likely to find strong bids near $158.

  • Ether price was rejected near the $180 area and it declined below $165 against the US Dollar.
  • Bitcoin price is down more than 5% and it is now trading near the $8,500 resistance.
  • There was a break below a major bullish trend line with support near $172 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is trading above a couple of important supports near $158 and $162.

Ethereum Starts Corrective Decrease

This past week, we saw a strong rise in Ethereum above the $165 and $170 resistance levels against the US Dollar. ETH price even surpassed the $175 resistance and traded close to the $180 zone.

However, the price faced a strong selling interest near the $178-$180 resistance zone. A high was formed near $179 and the price started a solid downside correction.

The price traded below a couple of important supports near the $172 and $170 levels. Moreover, there was a break below a major bullish trend line with support near $172 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

Finally, Ethereum price settled below the $170 level and the 100 hourly simple moving average. It opened the doors for more losses and the price broke the $165 support. A low is formed near $162 and the price is currently correcting higher.

An initial resistance is near the $166 level. Besides, the 23.6% Fib retracement level of the recent decline from the $179 high to $162 low is also near $165.

The first key resistance is near the $168 level and the 100 hourly SMA. The main resistance is near the $170 level since it is close to the 50% Fib retracement level of the recent decline from the $179 high to $162 low.

Therefore, Ethereum needs to climb back above the $168 and $170 levels to resume its upward move towards $180 and $185.

Dips In ETH Remain Supported

On the downside, there are a couple of key supports near $162 and $158. If ETH fails to stay above the $158 support, there is a risk of a larger downside correction.

The main support is near the $152 level, below which Ethereum is likely to turn bearish and decline towards $140 in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

Major Support Level – $158

Major Resistance Level – $170

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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