RATE Group | ETH/USD collapses below $170.00 – Confluence Detector
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ETH/USD collapses below $170.00 – Confluence Detector

23 Oct ETH/USD collapses below $170.00 – Confluence Detector

Posted at 07:50h in Ethereum News by

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  • ETH/USD is vulnerable to further losses as the price slips below critical support.
  • A sustainable move below $167.00 will open up the way to September low.

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time. The coin tested int intraday low pf $164.34 during early Asian hours, which is the lowest level since September 27. 

Ethereum confluence levels 

During early Wednesday hours, ETH/USD  tried to develop a recovery after a sharp sell-off; however, has faltered at $167.00. From the short-term perspective, the coin consolidates the recent losses and remains vulnerable to bearish pressure. Bull’s inability to push the price above the resistance area bodes ill for the short-term forecasts. 

Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

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