RATE Group | ETH/USD breaks below $180.00, more sell-off ahead?
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ETH/USD breaks below $180.00, more sell-off ahead?

31 Oct ETH/USD breaks below $180.00, more sell-off ahead?

Posted at 11:37h in Ethereum News by

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  • Ethereum price resumed the decline after a failed recovery attempt.
  • Strong support is created by the broken trendline at $173.00.

ETH/USD broke below $180.00 after an unsuccessful attempt to settle above $185.00 handle during early Asian hours. At the time of writing, ETH/USD is changing hands at $179.50, down 2.5% both on a day-to-day basis and since the beginning of the day. 

Ethereum is moving ins sync with thee cryptocurrency market where Bitcoin and aim major altcoins are drifting away from the recent highs. 

Ethereum’s technical picture

On the daily charts, the initial support is created by the middle line of the Bollinger Band at $177.70. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $173.00 area, which includes a sloping trend line from September 19 high at $224.68. This trend line had served as a strong resistance until it was broken on October 26. If this support zone goes way, the downside momentum…

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