RATE Group | Ethereum Trading Near Make-or-Break Levels: Can ETH Bulls Save The Day?
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Ethereum Trading Near Make-or-Break Levels: Can ETH Bulls Save The Day?

02 Feb Ethereum Trading Near Make-or-Break Levels: Can ETH Bulls Save The Day?

Posted at 05:08h in Ethereum News by

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Ethereum surged to a new 2020 high at $187 and it is currently correcting lower against the US Dollar, similar to bitcoin. ETH price must stay above $178 to continue higher in the near term.

  • ETH price is currently correcting lower from the $187 yearly high against the US Dollar.
  • The price could decline heavily if it breaks the $178 and $175 support levels.
  • There is a crucial bullish trend line forming with support near $178 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could either surge again above $187 or it might extend its correction towards $170.

Ethereum Price Testing Important Support

This past week, Ethereum managed to outpace bitcoin, with strong gains above the $170 level against the US Dollar. ETH price even broke the $180 resistance and settled above the 100 simple moving average (4-hours).

It traded to a new 2020 high at $187 and recently started a downside correction. There was a break below the 23.6% Fib retracement level of the last upward move from the…

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