Ethereum (ETH) price analysis: The main reason that led to the sudden fall in price of Ethereum (ETH)

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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.

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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.

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