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.
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.