The latest ETH news show that the largest altcoin on the market, Ethereum, is in a downward motion as it broke the $175 support area against the US dollar. The Ethereum price dives 7% today and could correct further, but the bears got to it which is why the support is now placed at $165 and $160.
Yesterday, we talked more about the ETH price performance and saw how the altcoin managed to easily go above $180. However, the cryptocurrency is now correcting lower from the $185 swing high and traded below the key $175 support to initiate a downside correction.
After struggling to clear the $185 resistance, Ethereum started a downside correction against the US dollar. The price of the coin broke the $180 and $175 support levels to move into a short term bearish zone.
We could also notice a close below the $175 pivot level and the 100 hourly simple moving average. More importantly, there was an obvious break below a key contracting triangle with support near $178 on the hourly chart of the ETH/USD pair.
As we speak, the Ethereum price dives and may extend its losses. Currently, the cryptonews show that Ethereum is trading at $173 and tested the $165 support level. This is also where the low is formed and the price of ETH is currently consolidating the losses above $170. It seems like it is testing the 23.6% Fib retracement level of the recent decline from a $185 high to a $165 low.
On the upside, we can see an initial resistance near the $175 level. The first resistance lies here as the Ethereum price dives deeper, but the real resistance according to many is the $180 level. All in all, the nosedive of ETH has not been that bad compared to other bloodbaths on the markets – and the altcoin news are showing good momentum overall without many losses.
It is clear that the price of oil which went below zero yesterday may have triggered a lot of potential sales on the crypto market. For ETH, the price points to recover above right now is $175 and $178 after which it can prepare to breach the $180 levels (again).
- Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
- Major Support Level – $165
- Major Resistance Level – $178
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