As of this morning, the crypto market price update shows that Ethereum’s ETH is continuously spinning in a downtrend crashing to $150 while the bitcoin price is hovering in between the $8,000 and $8,500 range.ETH could correct higher but as we are about to find out in the latest cryptocurrency news, we see that the altcoin will struggle.
Over the past few hours, there was a massive decline in Ethereum, Ripple, Bitcoin and other major cryptocurrencies against the US dollar. The price of ETH tumbled down below the $185 support levels. Moreover, there was also a close below this level and the 100 hourly simple moving average. The decline led the price to crash close to $150 on Kraken. A new monthly low was formed near the $152 and the price is now trying to correct higher.
There was also a break above the $165 level and the 23.6% Fib retracement level of the recent drop from the $210 high to the new low. The price is now trading above the $170 level but there are some major hurdles along the way to the $180 and $182 levels. There is a new major bearish trend line that is forming with the nearing resistance of $182 on the hourly charts of ETH/USD. The trend line is now coinciding with the 50 percent Fib retracement level of the recent drop from the $210 high to $152 low. The previous support area to the $185 level might once again act as a new resistance level. Above this level, the price of Ethereum could recover towards the $200 resistance area and the price could even complete the current correction near the $180.
Initial support on the downside is nearing the $165 level as per the latest crypto market update and if there is a fresh decrease below the $165 line, the price might retest the $152 low. Any other further loss could push the price below the $150 as we already read in the previous altcoin news. By looking at the charts, Ethereum’s price is back in a downtrend with a close below $200 and $185 so as long as the price is below the $185 and as long as the price says below this level, the risk of another major drop remains.
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