- ETH price failed to clear the $170 resistance and extended losses against the US Dollar.
- The price declined to a new weekly low at $155 before correcting above the $160 level.
- There is a key bearish trend line in place with resistance at $166 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could dip again, but buyers are likely to take a strong stand near $155 or $150.
Ethereum price extended losses recently versus the US Dollar and bitcoin. ETH might remain under pressure in the short term, but it will most likely bounce back from $155 or $150.
Ethereum Price Analysis
Yesterday, we saw a decent rebound in Ethereum price above the $165 and $166 levels against the US Dollar. The ETH/USD pair even tested the $170 level, where sellers emerged and protected more upsides. There was a topping pattern formed near $170 and later the price started a fresh decline. It broke the $165 and $160 support levels to enter a bearish zone. The decline was such that the price even…
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