Technical Indicators:
Support Level: $164-165
Resistance Level: $172-175
Key Points:
- Ethereum price crashed downwards recently after testing the $180 resistance level.
- The selling pressure led to ETH breaking below $175 and $170 support levels and testing the $164-165 support region.
- A bearish pattern is being formed with resistance around $172 on the hourly chart.
- ETH might test the $172-175 resistance level soon before a new uptrend or downtrend may start.
Ethereum Price Analysis:
SUMMARY: Ethereum price lost almost all the gains it had gathered yesterday. ETH tested the $164-165 support level which was strong enough to stop further losses. Ethereum price might soon test the $172-175 resistance level.
Ethereum price was able to move above the $170 and $175 resistance levels. ETH broke above the $178 resistance level and was also able to settle well above the 100 hourly SMA. As soon as Ethereum price tested the $180 resistance level, it started to correct downwards with massive selling pressure. The downward momentum led to ETH price falling below $175 and $170 support levels as the news for the binance hack flashed all over the cryptocurrency space.
ETH price was able to find buyers near $164-165 support level which are currently pushing the price upwards. The current resistance lies around $168 and the 100 hourly SMA. However, the major resistance around $172-175 is quite strong and it is very essential for Ethereum price to break and settle above this level in order to continue the previous bull run. The next resistance lies around $180. A bearish pattern is also being formed with resistance around $172 on the hourly chart.
The chart shows that Ethereum price declined sharply erasing almost all the gains it had gathered above $170 resistance level. If ETH falls below the $164-165 support level, there are chances of crashing below $160 in the short term.
