Ethereum May Further Decline to Under $155

News / 24.01.2020

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.

avatar
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.