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