Ethereum Has Broken $160 and is at Risk of Decline Under $155

News / 24.01.2020

ETH/USD pair is moving to the downside, and it was able to break the support at $160 in recent times. There is a likelihood of the price of ETH to keep declining beneath the supports at $158 and $155 in the near term.

ETH could not surge over the barrier at $170 and returned to the downside. The decline was steady, thereby breaking below the support at $165 and the 100 hourly SMA.

It paved the way for additional declines and led to a break of the $162 support to below the support at $160.

The price was able to form a low close to $158, and it is now in a bearish area. The first barrier on the upside is close to $162.

The key barrier for ETH is now close to the $165 zone. A look at the hourly chart of ETH against the USD reveals the existence of the major declining trend line in the week with a barrier close to $164.

Hence, a successful surge over the barrier zone at $165 is required to reduce the current bearish pressure. The immediate key barrier is close to $170, and a move over it could lead to the $178 resistance. The intermediate barrier is close to $174.

A look at the downside shows the next support close to $158. The failure of the price to remain over the support at $158 mayeasily cause a fall beneath the $155 support in the near term.

If the price falls, it could retest the support zone at $150, where there is a likelihood of buyers to take control ahead.

Featured image courtesy of Shutterstock. Source: Cryptopress

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.