Ethereum (ETH) yesterday cross the resistance level of $170 and $175 against the United States Dollar. Ethereum (ETH) also tested the $180 resistance level but rested at the $175 resistance level. The highest level that Ethereum (ETH) has reached in the past 24 hours is $178.14. This value was above its 100 hourly simple moving average.
But suddenly the price fell sharply after a report of the hack of Bitcoin (BTC) was reported form Binance, the world’s largest Bitcoin (BTC) exchange. The lowest price reported in the last 24 hour was $164.10 which was far below the 100 hourly simple moving averages. As of writing this article, Ethereum (ETH) is trading at $169.84 against the United States Dollar. The Market Cap was $18 billion and the supply in the market was 105.98 million.
The price broke the 61.8% Fib retracement level of the upward move from the $160 low and $180 high. Finally, the price is resting around the support level of $164 against the United States Dollar. The resistance level is somewhere around the $168 level. Ethereum (ETH) has to face many hurdles to cross the resistance levels of $170 and $172. The 23.6% Fib retracement level of a recent drop from the highest of $180 to the lowest of $164 is also near the resistance level of $168.
Ethereum (ETH) is expected to continue facing bearish trend once it crosses the $172 resistance level it has to face the next resistance levels of $175 and $180 against the United States Dollar.