Ethereum price declined recently and tested the key $166.00 support area. ETH is currently consolidating and it might climb above $172.00 as long as the $166.00 support is intact.
- Ethereum price revisited the main $166.00 support area after struggling near $173.20.
- A major bearish trend line is formed with resistance near $170.00 on the 30-minute chart.
- ETH price could start a fresh increase above $172.50 as long as it is above the $166.00 support.
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Ethereum Price Analysis (ETH to USD)
This past week, there was a strong rise in bitcoin, Ethereum, binance coin, bitcoin cash and a few other cryptocurrencies. ETH price climbed above the $175.00 and $180.00 levels, but it failed to hold gains and later started a strong downside correction.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as high as $181.21 and later declined below the $175.00 and $173.00 support levels. The pair trimmed most its gains and settled below the $172.50 level plus the 25 simple moving average (30-min).
The decline was strong and the price revisited the $166.00-167.00 support area. Recently, there were a couple of swing moves, but the price struggled to clear the $162.50 and $163.00 resistances.
The last swing low was at $166.15 before the price climbed towards the $172.00 level. A high was formed at $172.09 and the price recently traded below the $170.00 level and the 25 simple moving average (30-min).
There was a break below the 50% Fib retracement level of the recent move from the $166.15 low to $172.09 high. On the downside, there are many supports near the $168.40, $167.20, $166.50 and $166.00 levels.
If there is a close below the $166.00 support, and the 1.236 Fib extension level of the recent move from the $166.15 low to $172.09 high, then there could be more losses.
On the upside, there is a major bearish trend line is formed with resistance near $170.00 on the same chart. Should Ethereum price clears the trend line, there are chances of a fresh increase above the $172.50 and $173.00 resistance levels in the near term.
The market data is provided by TradingView, Bitfinex.
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