Ethereum price is under selling pressure versus the US Dollar, similar to bitcoin. ETH price remains at a risk of more losses below the $170 level.<\/p>\n
Yesterday, we saw bearish signs for Ethereum below the $185 resistance area against the US Dollar. ETH price remained in a bearish zone and even broke the $180 support. Moreover, there was a close below $180 and the 100 hourly simple moving average. It opened the doors for more downsides and the price broke the key $175 support area. It traded close to the $170 level and a swing low was formed near $171.<\/p>\n
At the moment, the price is consolidating losses above the $172 level. An immediate resistance is near the $175 level. Moreover, the 23.6% Fib retracement level of the recent drop from the $188 high to $171 low is near the $175 level. Besides, yesterdays highlighted key bearish trend line is intact with resistance near $175 on the hourly chart of ETH\/USD.<\/p>\n
If there is an upside break above $175, the price could test the $177 resistance area. However, the next key resistance is near the $180 level. It represents the 50% Fib retracement level of the recent drop from the $188 high to $171 low. Additionally, the 100 hourly SMA is also positioned near the $180 level to act as a strong resistance if the price corrects higher in the near term.<\/p>\n
On the downside, the $172 and $170 levels are immediate supports. If there is a downside break below the $170 support, the price could continue to decline. The next stop for the bears could be near the $160 level.<\/p>\n<\/p>\n
Looking at the chart, Ethereum price is trading in a bearish zone below the $180 resistance and the 100 hourly SMA. If there is an upside correction, the price is likely to face a strong resistance near the $180 and $185 levels. Therefore, there are high chances of more downsides below $170 in the coming sessions.<\/p>\n
Hourly MACD The MACD for ETH\/USD is about to move into the bearish zone.<\/p>\n
Hourly RSI The RSI for ETH\/USD is now well below the 50 level, with a flat structure.<\/p>\n
Major Support Level $170<\/p>\n
Major Resistance Level $180<\/p>\n
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Ethereum (ETH) Dives To $170, Is $160 Next Bear Target? - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum price is under selling pressure versus the US Dollar, similar to bitcoin. ETH price remains at a risk of more losses below the $170 level Continue reading