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Ethereum price topped near $170.00 and declined sharply below the $150.00 support. ETH/USD is correcting higher, but it is likely to face sellers near $148.00-150.00.

  • Ethereum price failed near the $170.00 level and declined sharply below $150.00.
  • ETH/USD broke a key declining channel with support at $162.00 on the 30-minute chart.
  • The price fell significantly and traded towards the $130.00-132.00 support area.

Ethereum ETH Price

Ethereum Price Analysis

This past week, we saw a solid bullish wave in bitcoin, Ethereum, ripple, EOS and other cryptocurrencies. ETH/USD traded above the $150.00 and $160.00 levels before sellers appeared near the $170.00 level.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair rallied above the $150.00 level and traded towards the $170.00 level. A new yearly high was formed at $170.00 and later the price started a sharp downside move.

It broke many supports on the way down such as $165.00 and $160.00. Moreover, there was a break below a key declining channel with support at $162.00 on the same chart.

The price fell significantly and broke the $152.00 and $148.00 support levels. There was even a close below the $148.00 level and the 25 simple moving average (30-min). A new weekly low was formed near the $134.72 level before the price started an upside correction.


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An initial resistance is near the $144.00 level and the 23.6% Fib retracement level of the recent decline from the $170.00 high to $134.72 low.

There is also a short term breakout pattern formed, with resistance near $144.00 on the same chart. Above the $144.00 resistance, the price could test the previous key support at $148.00, which may now prevent gains in the near term.

Finally, the 50% Fib retracement level of the recent decline from the $170.00 high to $134.72 low is also near the $152.00 level to act as a solid resistance. Therefore, if Ethereum price corrects higher, it is likely to face sellers near the $148.00 and $152.00 levels in the coming session. On the downside, the main supports for ETH buyers are near $134.00 and $130.00.

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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