Ethereum (ETH) Price Showing Signs Of Further Weakness

THELOGICALINDIAN - Ethereum amount is trading beneath a few key resistances against the US Dollar and bitcoin ETH amount is acceptable to extend its abatement as continued as it is beneath 175

Ethereum Price Analysis

Yesterday, we discussed the importance of the $175 resistance for Ethereum adjoin the US Dollar. ETH amount struggled to ascend aloft the $172 and $175 attrition levels. As a result, there was a aciculate abatement beneath the $165 support. Moreover, the amount bankrupt the $160 abutment akin and revisited the aftermost beat low abreast the $152 level. It is currently acclimation college and is trading aloft the $160 level, but it is still able-bodied beneath the 100 alternate simple affective average.

Additionally, there was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $174 beat aerial to $152 beat low. At the moment, the amount is accumulation abreast the $165 level. On the upside, there is a able attrition basic abreast the $170 level. There is additionally a new abutting bearish trend band basic with attrition abreast $168 on the alternate blueprint of ETH/USD.

The trend band is abutting to the 76.4% Fib retracement akin of the contempo abatement from the $174 beat aerial to $152 beat low. Therefore, an upside breach aloft the $168 attrition ability advance the amount higher. However, the amount needs to beat the key $172 and $175 attrition levels to abide higher. Moreover, the 100 alternate simple affective boilerplate is currently abreast $178 to accommodate resistance.

If the amount fails to ascend aloft $168 or $170, it is acceptable to resume its decline. An actual abutment is abreast the $162 and $160 levels. If there is a acknowledged breach beneath the $160 level, the amount could revisit the $152 abutment breadth in the abreast term.

Looking at the chart, Ethereum amount is assuming a lot of bearish signs beneath the $170 level. To alpha a solid advancement move, the amount charge beat abounding hurdles such as $168, $170, $172 and $175. If not, it is acceptable to abide lower appear $150.