$ 103,445.7
BTC
-0.54 %
$ 2,492.29
ETH
-4.07 %
$ 0.7638
ADA
-2.49 %
$ 644.08
BNB
-2.18 %
$ 168.68
SOL
-2.20 %

Richard Adrian
Aug 30, 2019

Ethereum Price (ETH) Testing Crucial Support Level

Ethereum Price
Ethereum price correction and  performance is on a bearish trend against Bitcoin and the US dollar. Breaking the key $165 and $162 supports might translate to further downward movements. A recent sharp decline below the $182 and $180 supports closed the 100 hourly simple moving average and; realized an even further close below the $180 support. Eventually, the crypto asset approached a break below the $170 support, with price trading to new monthly lows around the $164 level.

Ethereum Price Correction and Support Levels

On the other hand binance coin, EOS, ripple and bitcoin were facing similar heavy downsides.In recently hours, Ethereum price would correct higher above the levels $165 and $166.Furthermore,the  recent drop from $174 high to a low of $164 created a break beyond the 50% Fib retracement level. Despite the drop, the upward trend was capped by resistance levels $170 and $172. Meanwhile, it is likely that the price failed to gain footing beyond the 61.8% Fib retracement level; since the recent drop from the high $174 to the swing low of $164.

However, there is a dropping channel forming with resistance around $169 on the hourly ETH/USD chart. The pair which is currently trading around bearish zones below the $170 pivot level; might propel a climb above the $170 level towards a decent price recovery. Any upside break beyond $170 will help recover towards $174 and $175. 

 

Conclusion

On the downside, the key support are  around the $165 and $164 levels. Which could translate to a stronger support near the $162 level. A downside break if ever there will be one, below the $162 support might propel major declines in the coming  market sessions. The next major support to expect however is near the $154 and $150 support levels. 

The Ethereum Chart reveals various hurdles near the $170 and $174 levels. Hence, their is a possibility of yet another price fall below $165. However, this momentum will not be easy to gain below the $164 or $162 support levels.  Hence any of an upside or downside Ethereum price correction might hold.

 

Ethereum Price (ETH) Testing Crucial Support Level
Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

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