RATE Group | Ethereum (ETH) Resumes Downtrend, Bitcoin Down 2%
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Ethereum (ETH) Resumes Downtrend, Bitcoin Down 2%

23 Oct Ethereum (ETH) Resumes Downtrend, Bitcoin Down 2%

Posted at 03:43h in Ethereum News by

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  • 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 bitcoin. ETH price could even break the $168 support and decline towards $160.

Ethereum Price Analysis

This week, we discussed the importance of the $178 and $180 resistance levels for Ethereum against the US Dollar. ETH did test the $178 resistance area recently, but it failed to continue higher.

As a result, there was a fresh decline initiated from $178 and the price broke the key $175 support. Similarly, there were bearish moves in bitcoin price after it failed to settle above the $8,200 level. BTC may perhaps continue…

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