RATE Group | Ethereum Price Plunges to $160: Can Bulls Save The Day?
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Ethereum Price Plunges to $160: Can Bulls Save The Day?

20 Jan Ethereum Price Plunges to $160: Can Bulls Save The Day?

Posted at 03:35h in Ethereum News by

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Ethereum started a sharp decline from the $180 resistance, similar to bitcoin from $9,200. ETH declined towards $160, but it is likely to find strong bids near $158.

  • Ether price was rejected near the $180 area and it declined below $165 against the US Dollar.
  • Bitcoin price is down more than 5% and it is now trading near the $8,500 resistance.
  • There was a break below a major bullish trend line with support near $172 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is trading above a couple of important supports near $158 and $162.

Ethereum Starts Corrective Decrease

This past week, we saw a strong rise in Ethereum above the $165 and $170 resistance levels against the US Dollar. ETH price even surpassed the $175 resistance and traded close to the $180 zone.

However, the price faced a strong selling interest near the $178-$180 resistance zone. A high was formed near $179 and the price started a solid downside correction.

The price traded below a couple of important supports…

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