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.
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.
