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.
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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.
Click to Enlarge Chart
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.