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Ethereum Price (ETH) In Corrective Decrease But Likely To Bounce Back

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Ethereum Price (ETH) In Corrective Decrease But Likely To Bounce Back

ETH price is slowly moving down and recently broke the $180 support area against the US Dollar.The price could soon test the $172 or $170 level before it starts a fresh increase.Yesterday’s highlighted key bearish trend line is still active with resistance near $179 on the hourly chart of ETH/USD (data feed via Kraken).The pair is still trading in a positive zone as long as there is no close below the $170 support.Ethereum price is in a corrective decrease versus the US Dollar, while Looking at the chart, Ethereum price is clearly grinding lower below the $180 level. It seems like the price could test the $172 level before it attempts a decent upward move. Any further losses may perhaps push the price towards the key $170 support level. Overall, the price is likely to complete its correction near $172 or $170 before it could rise again.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is showing a few bearish signs.Hourly RSI The RSI for ETH/USD is currently below the 50 level, with a bearish angle.Major Support Level – $172Major Resistance Level – $180

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Author: Aayush Jindal

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