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Ethereum Price Analysis: Will ETH Bears Continue to Push ETH Price Down?

 

 

 

 

In the recent fall of the Crypto market, Major Cryptos have declined in the trade against USD. Ethereum has shown major Bearish behaviour from the past week, Ethereum is ranked at #2 in the crypto market and has a total supply of 107,885,087 ETH. It has a net market cap of $18,234,913,436 USD .

Ethereum is now trading at $169.02 USD, and in the past 24 hours, its volume is observed at $13,159,465,485 USD with a circulating supply of 107,885,087 ETH. Ethereum hit an all-time high of $1,432.88 USD on the 13th of January 2018, also its least value was measured at $0.420897 USD on the 21st of October 2015. In the past day, Ethereum traded its highest at $203.50 USD and the lowest at $162.73 USD. As compared today, Ethereum has decreased a total of -16.71%, which is $-33.73 USD.

Ethereum Price Analysis

Ethereum, Bitcoin, Ripple, and other major cryptocurrencies showed Bearish behaviour from the past few days. Etheruem has crashed below its support level of $200 USD & $185 USD. Ethereum maintained at $185 USD support level for a few notable hours in the previous days. For this month it traded the least at $152 USD and has gained back from that line.

According to Fibonacci retracement level, Ethereum dropped 23.6% from its top trade of $210 USD to the least of $152 USD this month. Ethereuuum is trading at $169 USD as of today. Ethereum will have a tough fight maintaining over $180 USD level, and hence there is a new major downtrend (Bearish) line forming at $182 level on the trading chart of Ethereum against USD.

If Ethereum were to recover the resistance against $182 USD  level, there will be resistance observed at $200 USD  making it much tougher for Ethereum to cross $210 USD level.

If Ethereum should be back in the positive zone, it should cross the Major resistance level of $208 USD and move upwards showing Bullish behaviour after its downtrend.

A support sign is in favour of at $165 USD level, if  Ethereum still continues its downtrend at $165 USD, it may hit another low of $152 USD. This might push Ethereum south of $152 USD in the time ahead.

As of today’s observation, the major support level stands at $165 USD and the resistance level at $185 USD. Etheruem is currently trading at $165 USD.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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