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Ethereum Price (ETH) Tumbles 10%, Following Bitcoin’s Footsteps

Ethereum price is down more than 10% versus the US Dollar, following bitcoin price slide. ETH price is now trading in a bearish zone and it could even test the $180 level.


Ethereum Price Analysis


Yesterday, we saw a sharp decline in bitcoin price below the $11,000 support. However, ETH price remained stable above the $200 level. Later, BTC extended its decline below $200, which sparked a sharp selloff in Ethereum price. As a result, there was a break below the key $202 and $200 support levels against the US Dollar. More importantly, the price broke the $192 support and settled below the 100 hourly simple moving average.


A new weekly low was formed near $181 and the price is currently consolidating losses. It is trading near the $188 level plus the 23.6% Fib retracement level of the recent slide from the $210 high to $181 low. On the upside, there are many hurdles near the $192 and $195 levels. Moreover, the 50% Fib retracement level of the recent slide from the $210 high to $181 low is also near the $195 level.


The main resistance on the upside is near the $200 level (the previous support). The 61.8% Fib retracement level of the recent slide from the $210 high to $181 low is also near the $200 level. Finally, yesterday’s highlighted key bearish trend line is intact with resistance near $206 on the hourly chart of ETH/USD. Therefore, an upside correction is likely to face a strong selling interest near the $195 and $200 levels. Read More at NewsBTC...

#ETH #TA #Trading #Bearish

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