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.

Ethereum Price

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.

Live Ethereum (ETH) Price:

1 ETH/USD =$380.6841 change ~ -2.70%

Coin Market Cap

$42.67 Billion

24 Hour Volume

$3.27 Billion

24 Hour VWAP

$380

24 Hour Change

$-10.2724

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Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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