Ethereum price declined sharply after the Binance exchange lost 7,000 BTC in a large scale security breach. ETH broke the key $179.00 support level and tested the $170.00 support area.

  • Ethereum price traded to a new 2019 high at $191.83 at Bitfinex and later declined sharply.
  • A bearish trend line is forming with resistance near $181.00 on the 30-minute chart.
  • ETH price remains well supported on the downside near the $172.00 and $170.00 levels.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Recently, we saw a strong rise in bitcoin and Ethereum price. ETH price surged above the $185.00 level and traded to a new 2019 high at $191.83 at Bitfinex. Later, there was a downside correction below $188.00, which got traction after the Binance exchange lost 7,000 BTC in a large scale security breach.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined heavily below the $188.00 and $179.00 support levels. There was even a close below the $179.00 support level and the 25 simple moving average (30-min).

There was a spike below the $172.00 and $170.00 support levels. A swing low was formed at $169.17 and the price bounced back above $172.00. It is currently trading near the 50% Fib retracement level of the recent decline from the $183.82 high to $169.17 low.

An immediate resistance is near the $179.00 level and the 25 simple moving average (30-min). The 61.8% Fib retracement level of the recent decline from the $183.82 high to $169.17 low is also near the $179.00 level.

Moreover, there is a bearish trend line is forming with resistance near $181.00 on the same chart. Therefore, the price should clear the $179.00 and $181.00 resistance levels to start a fresh increase.

In the short term, there may be swing moves, but the price is likely to find a strong buying interest near the $172.00 and $170.00 levels.

Therefore, Ethereum price is likely to start a fresh upward move above $179.00 as long as it is trading above the $170.00 support area. Conversely, a close below $170.00 might call for additional weakness towards $156.00.

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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