ETH to USD: Ethereum Price Analysis, Rise or Fall?

3 months ago

Technical Indicators:

Support Level: $160

Resistance Level: $170

Key Points:

  • Ethereum price crashed sharply and went up to $160 against the USD.
  • ETH is currently trading below $170 resistance level which might prove to be a hurdle for the bulls.
  • A bearish pattern is being formed with resistance around $167-168 on the hourly chart.
  • There are chances that Ethereum price might test $160 support level again in the short term.

Ethereum Price Analysis:

Summary: Ethereum price is currently facing a lot of selling pressure below $170 resistance level. ETH might test $160 support level again before it can start a fresh upward momentum.

Ethereum price started to fall downwards after testing the resistance around $177-180 recently. ETH fell below $170 support level and the 100 hourly SMA after which the overall momentum turned bearish. Later, it tested the $165 support zone falling up to $166 before correcting a few points upwards. However, the new resistance formed around $170 was strong enough to push the price further downwards, below $165 support level.

Ethereum price tested the $160 support level, trading to a new weekly low. ETH is currently trying to correct upwards, however, the resistance around $167-170 is very strong and might lead to a fresh downward crash. There are chances that Ethereum might test the $160 support level again before the bulls can start acting again.

A bearish pattern is being formed with resistance around $167. If Ethereum falls below $160 support level, it might lead to ETH testing $155 and $150 support levels. However, currently, there are a lot of buyers placed around $160 which might push the price back upwards from this range. If ETH is able to close above $170 in the short term, the overall momentum shall turn bullish.

ETH/USD Price Chart 25 April

The chart shows that Ethereum price is facing a bear attack after falling below $170 support level which has now turned into strong resistance. ETH might crash back towards $160 support level again before it could start a fresh upward move.

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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