RATE Group | Ethereum Hesitates But Further Losses Seem Likely: Key Levels To Watch
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Ethereum Hesitates But Further Losses Seem Likely: Key Levels To Watch

26 Jan Ethereum Hesitates But Further Losses Seem Likely: Key Levels To Watch

Posted at 04:42h in Ethereum News by

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Ethereum is down more than 10% from the 2020 high against the US Dollar, similar to bitcoin. ETH price is likely to test the $148 support area before a fresh increase.

  • ETH price is currently correcting lower from the $179 swing high against the US Dollar.
  • The price is showing a few bearish signs and it might decline below the $158 support.
  • There is a major contracting triangle forming with support near $158 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could either rally again above $165 or it might extend its decline towards $148.

Ethereum Price Could Correct Further

This past week, both bitcoin and Ethereum started a downside correction from well above $170 and $8,500 respectively against the US Dollar. ETH price formed a short term top near the $179 level and corrected below the $170 support area.

Moreover, there was a close below the $165 support area. However, the bulls were able to protect the key $158 support area and the 100 simple moving average (4-hours).

The…

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