Ethereum May Further Decline to Under $155
Recently, ETH/USD price declined hence breaking the support at $160. Additionally, there is a likelihood of the ethereum price to keep moving to the downside, under the supports at $158 and $155 in the short term.
Ethereum failed to rise over the barrier at $170, and declined steadily, thereby breaking below the support at $165 and the 100 hourly SMA. A further decline led to a break of the $162 support below the support at $160.
The price formed a low close to $158, and it is now a bearish area. The first barrier on the upside is close to $162, while the critical barrier for ETH is now close to the $165 zone.
Analyzing the ETH/USD Hourly Chart
The ETH/USD hourly chart shows the major declining trend line in the week with a barrier close to $164. To mean that, a successful incline over the barrier zone at $165 is essential, to reduce the bearish pressure at the moment.
The immediate key barrier is close to $170, and a move over it could lead to the $178 resistance; the immediate barrier is close to $174.
A look at the downside, the next support is close to $158. Ethereum’s price failing to remain over the support at $158, may facilitate a downside moe to the $155 support in the short term. Additionally, if the price falls, it could retest the support zone at $150, and buyers may take control ahead.
by Kyle Akihiko
by Olowoporoku Adeniyi
by Kyle Akihiko