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ETH to USD: Ethereum Price Analysis, Chance of Crash?

Ethereum price corrected downwards. ETH might test the $165 support level before it could start an upward spike and break through $170 resistance level.
Ethereum price corrected downwards. ETH might test the $165 support level before it could start an upward spike and break through $170 resistance level.

Technical Indicators:

Support Level: $165

Resistance Level: $170-171

 

Key Points:

  • Ethereum price broke above the $175 resistance level before correcting downwards.
  • ETH tried to test the $180 resistance zone, however, the selling pressure pushed the price below $170.
  • A bearish pattern is formed with resistance around $170 on the hourly chart.
  • Ethereum price will most likely fall towards $165 support level in the short term before starting a fresh upward move.

 

Ethereum Price Analysis:

Summary: Ethereum price corrected downwards against USD. ETH might test the $165 support level before it could start an upward spike and break through $170 resistance level.

 

Last week, Ethereum price traded in a bullish momentum after breaking through $170 resistance level. ETH was able to move over $174 and $175 resistance zone, however, there was a lot of selling pressure around $178 which led to Ethereum crashing downwards below $170 and 100 hourly SMA. The support around $165 proved strong enough to push the price upwards.

 

The buyers were able to push the price upwards from $166 to around $170. However, the 100 hourly SMA and the strong resistance around $170 is proving to be a barrier for ETH to rise further. A bearish pattern is being formed with resistance around $170 and $171 on the hourly chart which might push the price back to $165 support range. If Ethereum price is able to break above the bearish pattern, it might test the $178-180 resistance zone soon. However, there are strong chances that Ethereum will test the $165 support level again before starting an upward move.

 

The major support for ETH lies around $165 below which it might fall below $160. On the upside, an initial resistance is around $170 above which Ethereum might test $178-180 resistance zone.

 

ETHUSD Price Chart 22 April
ETH/USD Price Chart 22 April

 

The chart shows that Ethereum price is currently facing a lot of selling pressure which might push the price towards $165 support level. However, the medium and long-term momentum seems quite bullish and Ethereum might break through the $170 resistance zone in order to test $180 level again and move into a positive zone.

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Written by Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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    Ethereum price is getting stronger in order to break through $175 resistance zone. The current momentum seems bullish and ETH might soon move above $180.

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