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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Just Broke $160 And It’s Vulnerable to a Larger Decline Below $155K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Bears ETH

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Ethereum price is declining and it recently broke the $160 support, similar to bitcoin. ETH price is likely to continue lower below the $158 and $155 support levels in the near term.

  • Ether price is showing a few bearish signs below the $162 level against the US Dollar.
  • The bears seem to be in control and they are likely to aim a larger decline below $155.
  • This week’s key bearish trend line is in place with resistance near $164 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is also sliding and it recently broke the key $8,500 support area.

Ethereum Price Starts Substantial Decrease

After Ethereum failed to climb above the $170 resistance, there was a fresh decline against the US Dollar. ETH price declined steadily and broke the $165 support and the 100 hourly simple moving average.

It opened the doors for more losses and the price recently broke the $162 support. The decline was such that the bears were able to push the price below the $160 support.

A low is formed near $158 and the price is currently trading in a bearish zone. An initial resistance on the upside is near the $162 level. Besides, the 23.6% Fib retracement level of the recent decline from the $171 high to $158 low is near $161.

The main resistance for Ethereum is now near the $165 area. More importantly, this week’s key bearish trend line is in place with resistance near $164 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The 50% Fib retracement level of the recent decline from the $171 high to $158 low is also close to the trend line and the 100 hourly SMA.

Therefore, a clear break above the $165 resistance area is needed to decrease the current selling pressure. The next major resistance is near $170, above which ETH might surge towards the $178 barrier. An intermediate resistance is near the $174 level.

ETH Could Decline Further

On the downside, an immediate support is near the $158 level. If ETH price fails to stay above the $158 support, it could easily decline below the $155 support in the near term.

In the mentioned case, Ethereum could revisit the $150 support area, where the bulls are likely to take a stand in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 40 level, with a negative bias.

Major Support Level – $155

Major Resistance Level – $165

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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

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