Technical Indicators:
Support Level: $150
Resistance Levels: $160, $165
Key Points:
Ethereum price crashed sharply after reaching up to $180.
During the downward momentum, $170 and $165 support levels were broken.
A bearish pattern is being formed with resistance around $160 which might lead to a sharp downfall.
Ethereum price will most likely move towards $150 range before it could start correcting upwards.
Ethereum Price Analysis:
Summary: Ethereum price crashed hard below $160 after rising up to $180 resistance level. If ETH falls below $150 support, it might crash to $140 level soon.
After showing bullish momentum for the past few days (following bitcoin), Ethereum price faced a massive amount of resistance around $180 which led to a significant crash which broke through $170, $165 and $160 support levels which were very crucial for further gains. ETH was moved below the 100 hourly SMA and also traded as low as $153.
Ethereum price is currently facing a lot of selling pressure and it might test $150 support level soon before it could start an upward move. If however, the $150 support is broken, ETH might fall back towards $140 range. Also, it is very essential for Ethereum to clear through $165 resistance level in order to become bullish again. A bearish pattern is also being formed on the hourly chart with resistance around $160.
The chart shows that Ethereum price is correcting downwards and might fall below $150. It is very essential to settle above $160 and $165 resistance levels in order to remain bullish otherwise the momentum might turn bearish again.
