RATE Group | Ethereum: USD/ETH (ETH=) price is facing an increase in selling pressure
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Ethereum: USD/ETH (ETH=) price is facing an increase in selling pressure

08 Nov Ethereum: USD/ETH (ETH=) price is facing an increase in selling pressure

Posted at 16:46h in Ethereum News by

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Ethereum: USD/ETH (ETH=) price is facing an increase in selling pressure

After a decent upward move above $190, Ethereum struggled to continue higher against the US Dollar. As a result, ETH started a downward move and broke the $190 support area.

Furthermore, there was a break below the $188 support area and the 100 hourly simple moving average. More importantly, this week’s major bullish trend line was breached with support near $189 on the hourly chart of ETH/USD.

The price is now trading near the $185 support area, with a few bearish signs. Additionally, it is trading above the 23.6% Fib retracement level of the recent decline from the $195 high to $185 swing low.

An immediate resistance is near the $188 level. Moreover, there is a connecting bearish trend line forming with resistance near $188 on the same chart. If there is an upside break above the trend line, Ethereum could test the $190 resistance area.

Besides, the 50% Fib retracement level of the recent…

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