Ethereum (ETH) Breaks Key Support, Trend Turns Super Bearish

THELOGICALINDIAN - Ethereum amount is breaking bottomward against the US Dollar agnate to bitcoin ETH amount is acceptable to advance its abatement appear the 170 and 166 abutment levels

Ethereum Price Analysis

Recently, Ethereum bootless to beat the $186 attrition breadth adjoin the US Dollar. As a result, ETH amount a beginning abatement beneath the $182 abutment level. Moreover, the amount bankrupt the $180 abutment and acclimatized beneath the 100 alternate simple affective average.

The contempo abatement was such that the amount alike bankrupt the main $178 abutment area. A new account low was formed abreast $174 and the amount is currently acclimation higher.

It is trading abreast the $178 axis area. Besides, Ethereum is trading abreast the 23.6% Fib retracement akin of the contempo abatement from the $186 aerial to $174 low. On the upside, there are abounding resistances abreast the $180 area (the antecedent support).

Additionally, the 50% Fib retracement akin of the contempo abatement from the $186 aerial to $174 low is additionally abreast the $180 level. More importantly, yesterday’s bearish trend curve are complete with attrition abreast $185 on the alternate blueprint of ETH/USD.

An boilerplate attrition is abreast $182 and the 100 alternate simple affective average. Therefore, the amount seems to be adverse a able attrition abreast the $180, $182 and $185 levels.

A acknowledged breach aloft the $185 attrition is charge for a appropriate recovery. On the downside, an antecedent abutment is abreast the $175 area. If the bears accretion drive beneath $175, there is a accident of a downside addendum beneath the $170 support.

The abutting key abutment is abreast the $166 level, beneath which the bears are acceptable to eye a analysis of the $154 and $152 abutment levels in the abreast term.

Looking at the chart, Ethereum amount is acutely flirting with the $178 abutment and it is acceptable to abide lower. If there is addition breach bottomward beneath the $175 level, the amount could absolutely attempt to animation back. On the upside, the beasts are adverse abounding hurdles, starting with $182 and up to $185.