- ETH price extended gains, but it failed to overcome sellers near the $185 resistance against the US Dollar.
- The price started a downside correction and traded below the $180 and $174 supports.
- This week’s key bullish trend line was breached with support at $178 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more losses, but it is likely to find a strong support above $165.
Ethereum price started a downside correction versus the US Dollar and bitcoin. ETH might extend the recent correction, but bulls are likely to defend losses near the $165 support.
Ethereum Price Analysis
Yesterday, we discussed the chances of more gains above $180 in Ethereum price against the US Dollar. The ETH/USD pair did move higher and traded above the $180 and $182 resistance levels. There was a sharp upward move, but the price failed to break the $185 resistance area. There was a rejection pattern formed near the 61.8% Fib retracement level of the last slide from…
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