Ethereum price topped near $178.50 and declined sharply below $173.50. ETH tested the $167.50 support and it is currently correcting higher towards the $173.50 resistance.

  • Ethereum price declined heavily after it failed near the $178.00 resistance area.
  • There was a break below a major bullish trend line with support at $172.90 on the 30-minute chart.
  • ETH tested the $167.50 level and it is currently rebounding towards $172.50 and $173.50.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Yesterday, we saw a strong rise in bitcoin price, which lifted Ethereum price above the $175.00 resistance. However, ETH struggled to clear the $178.00-178.50 resistance area, and it recently declined below the $175.00 and $173.50 support levels.

Ethereum Price Analysis ETH Chart

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Looking at the 30-minute chart of ETH/USD, the pair faced an increase in selling pressure and broke the $170.00 support plus the 25 simple moving average (30-min). A new intraday low was formed at $167.47 and the price is currently correcting higher.

It broke the 23.6% Fib retracement level of the recent drop from the $178.42 high to $167.47 low. However, there are many resistances on the upside near the $172.00, $172.80 and $173.50 levels.

An initial resistance is near $172.00 and the 25 simple moving average (30-min). The next key resistance is near $172.90 and the 50% Fib retracement level of the recent drop from the $178.42 high to $167.47 low.

However, the main resistance is at $173.50, above which the price could move back towards the $178.50 resistance area. Conversely, if Ethereum buyers fail to clear the $172.90 or $173.50 resistance, there could be a fresh decline.

On the downside, the main support is at $167.50 and $166.20. Only a close below the $166.20 support area could push the price in a bearish zone.

Overall, Ethereum price could trade in a range for a few sessions and it could struggle near $173.50 in the short term. However, as long as the price is above the $162.00 pivot level, ETH is likely to climb above $178.50 and $180.00 in the coming days.

The market data is provided by TradingView, Bitfinex.



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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