RATE Group | Ethereum Dives 7% But This Variable Can Trigger A New Rally
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Ethereum Dives 7% But This Variable Can Trigger A New Rally

21 Apr Ethereum Dives 7% But This Variable Can Trigger A New Rally

Posted at 07:08h in Bitcoin News by

Ethereum is down around 7% and it broke the $175 support area against the US Dollar. ETH price could correct further, but there are many key supports, starting with $165 and $160.

  • Ethereum is currently correcting lower from the $185 swing high.
  • The price traded below the key $175 support to start a short term downside correction.
  • There was a break below a key contracting triangle with support near $178 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to find a strong buying interest near the $165 and $160 levels.

Ethereum Price Approaching Supports

After struggling to clear the $185 resistance, Ethereum started a downside correction against the US Dollar. ETH price broke the $180 and $175 support levels to move into a short term bearish zone.

There was also a close below the $175 pivot level and the 100 hourly simple moving average. More importantly, there was a break below a key contracting triangle with support near $178 on the hourly chart of ETH/USD.

Ethereum Price

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