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Ethereum Price Analysis: ETH about to Crash Hard?

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Technical Indicators:

Support Levels: $155, $140

Resistance Levels: $165, $170

 

Key Points:

  • Ethereum price started to correct downwards after testing $180 resistance level.
  • The downward slide was sharp and ETH broke below $165 support level.
  • The bullish pattern which was formed yesterday was broken as Ethereum moved below $173 support level.
  • ETH moved towards $155 support and is currently facing a lot of hurdles in trying to rise upwards.

 

Ethereum Price Analysis:

Summary: Ethereum price fell sharply and tested the $155 support level. ETH might crash back to $140 if it falls down the support. On the upside, the major resistance lies at $165 and $170.

 

Ethereum followed the bitcoin rally recently and started to rise massively against USD. ETH moved above the $160 and $170 resistance levels and even closed well above the 100 hourly SMA. Ethereum price even tested the $180 resistance level which was quite strong and led to a downward slide.

The downward momentum was strong enough to break through $170 and $165 support levels and move ETH price into a bear zone. The bullish pattern which was being formed with support around $173 was also broken and ethereum moved below this range. Ethereum price tested the $155 support level and is currently trying to correct upwards, however, a lot of sellers have emerged on the upside and ETH might move below the support to move into a bearish zone. The current major resistance lies around $165 which might lead to a downfall.

ETHUSD Price Chart 4 April
ETH/USD Price Chart 4 April

The chart shows that it is very essential for Ethereum price to move over $165 resistance level in order to tackle the crash which is foreseen. If ETH falls below $155 support level, it could soon test the $140 support range and move into a bearish zone.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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