Ethereum Price Analysis: ETH Approaching Key Buy Zone
Ethereum is under pressure and trading well below the $177.20 support vs the US Dollar. ETH to USD is likely to find a strong buying interest near the $171.50 area.
Key Takeaways: ETH/USD
- Ethereum price is currently declining and facing a strong selling interest below $180.00 against the US Dollar.
- ETH/USD traded below the key $181.80 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is also tumbling and trading close to the $8,000 level.
Ethereum Price Analysis
After struggling to clear the $186.40 resistance on a couple of occasions, Ethereum started a fresh decline. ETH to USD traded below the $184.20 and $182.50 support levels to enter a bearish zone.
Looking at the 2-hours chart, Ethereum price also traded below the key $181.80 support and a bullish trend line. It opened the doors for more losses below $180.00 and the price settled well below the 50 simple moving average (2-hours, purple).
The recent decline was such that the price traded below the last swing low near $177.14 and the $177.20 support area. Moreover, the price is now trading below the 1.236 Fib extension level of the last wave from $177.14 to $186.32.
It has opened the doors for more downsides below the $175.00 level. The next key support is near the $171.50 level. More importantly, it coincides with the 1.618 Fib extension level of the last wave from $177.14 to $186.32.
If there are more losses, Ethereum could even trade below the $170.00 level. In the mentioned case, the next support is seen near the $164.50 level.
Conversely, the price could start an upside correction from the $171.50 support. The first key resistance is near the $177.40 level (the previous support area). The next major hurdle for buyers could be $180.80 and the 50 simple moving average (2-hours, purple).
Overall, Ethereum is declining heavily and it seems like it could soon test the key $171.50 support area. However, there are high chances of a correction wave once the price tests the $171.50 support in the near term.