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The price of Ethereum was reduced by around 15% and exceeded $ 160.00 and $ 150.00. ETH / USD remains depressed and could accelerate losses below the $ 140.00 level.
- The price of Ethereum has extended losses below the $ 160.00 and $ 150.00 support.
- ETH / USD is following two bearish trend lines with resistance at $ 153.00 on the 30-minute chart.
- The price is likely to fall further below $ 140.00 and $ 136.00 levels.
Price analysis of Ethereum
Yesterday we discussed the possibility of further losses in the price of Ethereum towards $ 160.00 and $ 150.00. The price fell more than 10% and traded below support levels of $ 160.00 and $ 150.00.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair faced a solid increase in selling interest after there was a close support of $ 160.00 and a simple 25-minute (30-minute) average. . The sellers gained momentum and even pushed the price below the $ 145.00 level.
A new annual minimum has been formed at $ 144.07 and the price is currently consolidating losses at a bearish angle. On the upside, initial resistance approaches the Fib retracement level at 23.6% from the recent slide from $ 160.45 upwards to $ 144.07 below.
Also, there are two bearish trend lines in place with resistance at $ 153.00 on the same chart. The trend line coincides with the simple moving average at 25 (30 minutes) at $ 152.25. Finally, the 50% Fibra retracement level of the recent slide from $ 160.45 high to $ 144.07 below is close to $ 152.25.
Therefore, if the price corrects higher, it may encounter strong resistance near the levels of $ 152.25 and $ 153.00. Above these, most likely the price will extend the recovery towards the resistance of $ 160.00.
On the flip side, immediate support is $ 140.00, below which sellers could aim for $ 134.00 and $ 132.00 in the next sessions. Overall, the price of Ethereum is traded in a major downtrend under $ 160.00 and $ 175.00. Until there is a closing above $ 175.00, ETH / USD remains at risk of further losses towards $ 132.00.
Market data is provided by TradingView, Bitfinex.
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