- ETH price extended losses and traded below the $170 support level against the US Dollar.
- Sellers gained momentum and pushed the price towards the $160 support level.
- There is a key bearish trend line in place with resistance at $164 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down and it is likely to test the key $155 support area in the near term.
Ethereum price struggled recently and declined heavily versus the US Dollar and bitcoin. ETH is likely to test the key $155 support level, where buyers are likely to appear.
Ethereum Price Analysis
After struggling near the $185 resistance, Ethereum price started a downside correction against the US Dollar. The ETH/USD pair gained bearish momentum and broke the $175 and $170 support levels. Recently, there was an increase in selling pressure and the price broke the $165 support and the 100 hourly simple moving average. It resulted in additional losses and the price moved toward the $160…
Read Full Story : NewsBTC