Price Analysis: Ethereum (ETH) Hits Final Bearish Target
Last week’s end week report for Ethereum proved chances of a breakdown in Ethereum’s price chart in case trades went below the $180 support against the US Dollar.
Ethereum price settled below the $180 support and the 100 hourly simple moving average (SMA); thereof resulting into a sharp decline towards the next bearish support.
However, the price broke several supports near $172 and $166. Halting into a narrow decline and further drop close to 8% today. The leading altcoin recently tested the $154 - $155 support area, which was the final possible target for bearish speculators this month.
ETH Upward Correction
Moreover, a new monthly low was forming near the $156 level, on the other hand; the price has been correcting high during press time. Ethereum traded below the $160 level. Besides noting the break above the 23.6% Fib retracement level of the recent drop from the $177 high to $156 low.
At the outset was a short term contracting triangle holding resistance near the $165; on the hourly chart of the ETH/USD. Beyond the resistance, the $166 level acted as a strong hurdle for the bulls to find footing and lay their speculations.
In addition, the 50% Fib retracement level of the recent drop from $177 high to $156 low level down near the $166. Hence, the Ethereum price is likely facing significant selling pressure near the $165 and $166 price levels.
After the corrective wave was complete, the price posed a speculative turn towards below the $160 support. However, chances are of ranging moves beyond the $155 support area; and for a while prior to the next major move.
In case a downside break takes below the $154 - $155 support area; the possibility of a decent recovery in the short term is likely to fade. Meanwhile, the next key support could, unfortunately (To the bulls) hold below the $142 level.
On the other hand, the leading coin Bitcoin seems to trend murky zones after declining towards the $7,000 support level in the 24-hour daily trade chart.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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