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Ethereum Price (ETH) Tumbles 10%, Following Bitcoin’s Footsteps
ETH price started a strong decline after it failed to surpass the $210 resistance against the US Dollar.There was a break below the key $200 and $190 support levels.Yesterday’s highlighted key bearish trend line is intact with resistance near $206 on the hourly chart of ETH/USD (data feed via Kraken).The pair is currently consolidating losses above $185 and remains at a risk of more downsides.Ethereum price is down more than 10% versus the US Dollar, following Looking at the chart, Ethereum price is trading in a major downtrend from well above $220. If it continues to slide, the chances of a strong bounce above $200 might decrease. The main supports on the downside are near $180, $178 and $175, where the bulls might take a stand.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly reducing its bearish slope.Hourly RSI – The RSI for ETH/USD is currently recovering from the oversold readings.Major Support Level – $180Major Resistance Level – $195
Author: Aayush Jindal
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