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Ethereum (ETH) Resumes Downtrend, Bitcoin Down 2%
Ethereum price is declining again after it failed to break $178 and $180 against the US Dollar.Bitcoin price is also moving down and it is likely to break the $8,000 support area.There is a key bearish trend line forming with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).The pair remains at a risk of more downsides below the $170 and $168 support levels.Ethereum price is resuming its downtrend below $175 versus the US Dollar, similar to Ethereum PriceLooking at the chart, Ethereum price is clearly resuming its downtrend below $175 and $172. The price action is negative, suggesting more downsides below the $170 and $168 support levels. The next major stop for the bears may perhaps be $160.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.Hourly RSI – The RSI for ETH/USD is declining and is well below the 40 level.Major Support Level – $168Major Resistance Level – $175
Author: Aayush Jindal
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