Ethereum price is breaking down and the ETHUSD pair is likely to accelerate its decline towards the $170 and $166 support levels.
Yesterday November 18, the price of Ethereum was trading in a bearish trend. Recently, the bulls failed to surpass the $186 resistance level. As a result, Ethereum price dropped below the $180 support level. The recent decline was such that the bears pulled the price below the main $178 support level and a new monthly low was formed near $174.
At the time of writing, the market is changing hands at the $176 price level.
On the upside, if the buyers continue to push the market higher, the immediate resistance lies near $185 and $190 levels. Above this, further resistance level $200.
On the other hand, if the sellers try to bring down the price to the support level of $170, the bears can expect immediate support to be located at $175. Below $175, further support is found at $170, $165 and $160.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of ETHUSD is clearly flirting with the $175 support and it is likely to continue lower. If there is another break down below the $175 level, the price could really struggle to bounce back. On the upside, the bulls are facing many hurdles, starting at $180 and up to $185.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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