The price of Ethereum started a new decline and broke the support of $ 172.00. The ETH / USD may continue to fall towards $ 165.00 or $ 160.00 in the near term.
- The price of Ethereum is under heavy selling pressure below the support of $ 172.00.
- ETH / USD traded below an uptrend line in connection with support for $ 177.00 on the 30-minute chart.
- The price is likely to extend the current decline to $ 160.00.
Price analysis of Ethereum
Last week, we saw a solid downtrend below $ 180.00 in the price of Ethereum. The sellers pushed the price towards the $ 170.00 level and a low was $ 171.83.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair recovered some points and surpassed the $ 178.00 and $ 180.00 levels. However, the price rose near the $ 182.99 level and thereafter began a new decline.
It traded below the support level $ 178.00 and the 25-minute moving average (30 minutes). During the decline, the price broke a link uptrend line with support for $ 177.00 on the same chart. More importantly, there was a break from the last minimum to $ 171.83.
The ETH price was trading at a new monthly minimum at $ 167.00 and is currently trading below the 1.236 Fib extension level of the last recovery from $ 171.83 low to $ 182.99 high.
The recent decline has opened the door to further losses below the $ 167.00 level in the short term. The next target for sellers could be $ 165.00, which is close to the 1.618 Fib extension level of the last recovery from $ 171.83 low to $ 182.99 high.
If sellers remain in stock, there may be a sustained decline below the $ 165.00 support. In the mentioned scenario, the next support expects around $ 160.00 where buyers are likely to fight.
Overall, the price of Ethereum is trading in a bearish zone and it looks like it could fall further towards $ 165.00 and $ 160.00. On the other hand, if it corrects higher, previous supports at $ 172.00 and $ 177.00 are likely to act as strong barriers for buyers.
Market data is provided by TradingView, Bitfinex.