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Ethereum price can see new correction below $180

ethereum price can drop below 180

Ethereum (ETH) price analysis shows that Ethereum price might not stay above the one hundred and eighty ($180) dollars mark due to the upside correction that happened in the prior week, raising it above the one hundred and eight dollars mark once before ($180).

The queen of cryptocurrency traded between one hundred and eighty-five dollars ($185) to one hundred and ninety dollars ($190) resistance levels, trying to get past. The break for Ethereum price was made, and another break was experienced at one hundred and ninety-two ($192) dollars.

The Fibonacci retracement level at fifty (50%) percent was obliterated on the four-hour chart, in the range one hundred and eighty ($180) dollars on the lower side and two hundred and four dollars ($204) on the top side.

Ethereum price can see new correction below $180 1Ethereum price chart by Trading View

The one hundred and ninety-five dollars ($195) mark was also shattered before the Ethereum price came down. It faced the sixty-one percent (61.8%) Fibonacci retracement level from one hundred and eighty dollars ($180) low to two hundred and four ($204) dollars on the topside.

Where is Ethereum price headed?

The ETH/USD pair landed at one hundred and eighty dollars ($180) and tried to go for the one hundred and ninety-two dollars ($192) mark but hasn’t reached it yet.

Ethereum trades in at one hundred and eighty-six ($186.67) dollars with a twenty billion dollars ($20,066,063,29) market cap while its twenty-four (24) hour volume sits above the six billion dollars figure ($6,253,662,953) at the time of writing.

Ethereum price can see new correction below $180 2

Ethereum price chart by Trading View

The fifty-five (55) simple moving average (SMA) is above the cryptocurrency as well. The one hundred and eighty dollars ($180) mark acts as the support for ETH below which we will find sustenance at one hundred and seventy-two dollars ($172) and if that fails us then one hundred and seventy dollars ($170) will act as the support.

On the flip-side, we have one hundred ninety-five dollars ($195) mark acting as the major resistance if the bears push past one hundred and ninety-two ($192) and one hundred and ninety-four dollars ($194) resistances.

If the one hundred and ninety-five ($195) dollars mark fails to stop ETH from rising then a marathon to two hundred and two dollars ($202) and later to two hundred and four dollars ($204).

The moving average convergence/divergence (MACD) is gaining momentum in the bearish zone while the relative strength index (RSI) is declining below the fifty (50) mark- bearish as it sounds.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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