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- The price of ETHs is still traded to the US $ 180 level before downgrading against the US dollar.
- The price fell well below support levels of $ 170 and $ 165 to move into a bearish zone in the near term.
- The key uptrend line highlighted yesterday was broken with USD 173 support on the ETH / USD time chart (data feed via Kraken).
- The pair found a strong buy interest close to $ 155 and is currently up.
The price of Ethereum began a significant bearish correction after a mbadive rise against the US dollar and bitcoin. ETH is expected to rebound above $ 170 as long as it exceeds $ 155.
Ethereum Price Analysis
These past two days, we have witnessed a mbadive rally of Bitcoin and Ethereum against the US dollar. The ETH / USD pair has exceeded resistance levels at $ 160 and $ 170. There was a correct fence above the $ 165 level and the single moving average every 100 hours. The price has even surpbaded the $ 175 level and is oriented toward the $ 180 level. A new annual record is set at 180 USD. Later, the price launched a sharp downward correction.
There was a big drop below support levels of $ 175, $ 170 and $ 168. The price even exceeded the key support area of $ 165 to enter a bearish zone in the near term. In addition, the key uptrend line highlighted yesterday was broken with support at $ 173 on the ETH / USD time chart. The pair tested the $ 155 support area and the single moving average every 100 hours. A strong buying interest emerged and a low was formed around $ 154. Later, the price rebounded above 160 USD and the Fib retracement level of 23.6% from the recent drop of the maximum of 180 USD to 154 USD.
However, the price is currently facing a strong resistance close to the $ 165 level. The indicated level of $ 165 was an earlier support and it now prevents gains. The next resistance is close to the $ 167 level. It represents the Fib retracement level of 50% of the recent drop from the maximum of $ 180 to $ 154.
Looking at the chart, the price of Ethereum could gain ground above the $ 165 level and test the resistance level of $ 167 or $ 170. Later, there could be a further decline to the $ 158 zone, where buyers are likely to appear. As long as Ether is trading above support of USD155 and the SMA at 100 hours, it is likely to resume its upward trend in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is currently heavily weighted in the bearish zone.
RSI hourly – The RSI for ETH / USD fell well below level 50 and is currently near level 42.
Major Support Level – $ 155
Major resistance level – $ 170
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