Ethereum price extended losses and traded below the $162.00 support area. ETH price traded as low as $156.42 and it is currently correcting higher towards $162.00 and $165.00.

  • Ethereum price recovered nicely after trading to a new weekly low at $156.42.
  • There is a short term breakout pattern in place with support at $160.50 on the 30-minute chart.
  • ETH could either recover towards the $165.00 resistance or resume its slide below $160.00.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Yesterday, we saw a decent rebound in Ethereum price from the $162.00 support area. ETH traded above the $166.00 level, but it struggled to gain momentum above $170.00 and topped near the $170.78 level.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined sharply and broke the $166.00 and $162.00 support levels. Sellers even pushed Ether below the $160.00 support and the 25 simple moving average (30-min).

A new weekly low was formed at $156.42 and recently the price climbed above the $160.00 level. There was a break above the 23.6% Fib retracement level of the latest decline from the $168.44 high to $156.42 low.


However, the price is now approaching a crucial resistance near the $162.00-163.00 area, which was a major support earlier. The 50% Fib retracement level of the latest decline from the $168.44 high to $156.42 low is also at $162.43.

More importantly, there is a short term breakout pattern in place with support at $160.50 on the same chart. Therefore, if there is an upside break above the $162.00-163.00 resistance area, the price could continue to rise. The next key resistance is at $165.00, where sellers might appear.

Conversely, if there is a failure near the $162.00-163.00 resistance area, the price could decline again below the $160.00 support area. The next support is near the $156.00 level, below which the price will most likely test $150.00-152.00.

Ethereum is clearly trading near a crucial juncture and it could either rebound further towards the $165.00 resistance or decline below $160.00 to resume its decline towards $156.00 or $152.00.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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