Right now, the price of Ethereum is trading in a bearish zone compared to these two well-known currencies, one being the USD and the other Bitcoin. First, some relevant facts regarding the current status of the Ethereum price:
- The price of Ethereum has suffered a downfall recently breaking the supports of $180 and $185 when compared to the U.S currency.
- Right now, the price is close to the resistances at $172 and $175.
- There is a slight possibility that a short-term upside correction can happen, but the more likely end-result would be that the outcomes will be capped at around $180.
ETH Price Analysis
Looking at the previous week, a major decline has happened in the most popular cryptocurrency, Bitcoin and Ethereum are just beneath $10000 and $180 respectfully when you compare it to the USD. Ethereum price has also hit a new low below the support of $175 and the 100 SMA, which stands for the simple moving average. Furthermore, a break happened beneath the support of $170, and also the ETH price has traded near the level of $163. For a couple of days, the price began a solid upside correction from the swing low of $163.
The price has successfully risen above the level of $170, adding the Fib retracement level of 23.6% of the most recent fall. The drop had happened from the high level of $195 to the low level of $163. Nevertheless, there are many obstacles close to the levels of $178 and $180. Additionally, a massive bearish trend line which formes close to the resistance of $180. That bearish trend line has almost come to the Fib retracement level of 50% of the most recent drop which had occurred from the high level of $195 to the swing low level of $163.
Just above the current trend line, the following significant resistance happens to be close to the level of $184 and the 100 simple moving average. A whole new Fib retracement level of 61.8% of the most recent drop which happened form the quite high level of $195 to the low level of $163. The before-mentioned Fib retracement level of 61.8% is waiting close to the resistance zone of $182 to act as a type of resistance. So, the price really has to climb somewhere above $184, $182 and also $180 to go back to the positive zone as soon as possible.
But, the current disadvantage is that immediate support is very close to the level of $165. In a situation where the price of Ethereum doesn’t go above the support area of $165, there’s a big chance that there will be more downsides. In the before-mentioned bearish situation, the price of Ethereum could suffer a new low somewhere below the support level of $160.
At the moment, the ETH price happens to trade in the bear zone beneath the level of $180, but if somehow an upside correction occurs close to the level of $180, then the bears will surely defend the following upsides.