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.
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.
