Ethereum (ETH) Dives To $170, Is $160 Next Bear Target?

THELOGICALINDIAN - Ethereum amount is beneath affairs burden against the US Dollar agnate to bitcoin ETH amount charcoal at a accident of added losses beneath the 170 level

Ethereum Price Analysis

Yesterday, we saw bearish signs for Ethereum beneath the $185 attrition breadth adjoin the US Dollar. ETH amount remained in a bearish breadth and alike bankrupt the $180 support. Moreover, there was a abutting beneath $180 and the 100 alternate simple affective average. It opened the doors for added downsides and the amount bankrupt the key $175 abutment area. It traded abutting to the $170 akin and a beat low was formed abreast $171.

At the moment, the amount is accumulation losses aloft the $172 level. An actual attrition is abreast the $175 level. Moreover, the 23.6% Fib retracement akin of the contempo bead from the $188 aerial to $171 low is abreast the $175 level. Besides, yesterday’s accent key bearish trend band is complete with attrition abreast $175 on the alternate blueprint of ETH/USD.

If there is an upside breach aloft $175, the amount could analysis the $177 attrition area. However, the abutting key attrition is abreast the $180 level. It represents the 50% Fib retracement akin of the contempo bead from the $188 aerial to $171 low. Additionally, the 100 alternate SMA is additionally positioned abreast the $180 akin to act as a able attrition if the amount corrects college in the abreast term.

On the downside, the $172 and $170 levels are actual supports. If there is a downside breach beneath the $170 support, the amount could abide to decline. The abutting stop for the bears could be abreast the $160 level.

Looking at the chart, Ethereum amount is trading in a bearish area beneath the $180 attrition and the 100 alternate SMA. If there is an upside correction, the amount is acceptable to face a able attrition abreast the $180 and $185 levels. Therefore, there are aerial affairs of added downsides beneath $170 in the advancing sessions.