Ethereum (ETH) Hits All Bearish Targets, Bitcoin Down 8%

THELOGICALINDIAN - Ethereum amount nosedived and activated the 152 abutment breadth against the US Dollar while bitcoin dived 8 ETH amount could now actual college in the abbreviate term

Ethereum Price Analysis

In the accomplished few days, we discussed the affairs of added downsides in Ethereum beneath the $170 abutment adjoin the US Dollar. ETH did abatement afresh beneath $170 and attenuated added than 7%.

The contempo abatement was such that the amount alike bankrupt the $160 abutment area. Moreover, there was a abutting beneath $165 and the 100 alternate simple affective average. Finally, the amount traded abutting to the capital $150 abutment breadth and a low was formed abreast $153.

More importantly, bitcoin amount is bottomward added than 8% and bankrupt abounding important supports such as $7,800 and $7,500. Looking at Ethereum, the amount is currently convalescent and traded aloft the $155 level.

There was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $178 aerial to $153 low. However, the amount is adverse a lot of hurdles on the upside abreast the $162 and $165 levels. Besides, yesterday’s accent bearish trend band is complete with attrition abreast $165 on the alternate blueprint of ETH/USD.

The 50% Fib retracement akin of the contempo abatement from the $178 aerial to $153 low is additionally abreast the $165 akin to act as a able resistance. Therefore, Ethereum could face a able attrition if it corrects appear the $165 area.

On the downside, the $155 and $150 levels are important supports. It won’t be accessible for the bears to bright the $150 barrier. Thus, there are affairs of a appropriate backlash in the abreast appellation aloft the $162 resistance.

Looking at the chart, Ethereum amount acutely aloof from the $152 and $150 abutment levels. It is assuming a few absolute signs aloft $155 and $160. Having said that, the amount charge balance aloft the $162 and $165 attrition levels to alpha a appropriate advancement move. The abutting key resistances are abreast the $170 and $172 levels.