RATE Group | Here Is Why Dips In Ethereum Could Be A Trap By The Bulls
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Here Is Why Dips In Ethereum Could Be A Trap By The Bulls

16 Jan Here Is Why Dips In Ethereum Could Be A Trap By The Bulls

Posted at 06:38h in Ethereum News by

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Ethereum rallied towards $170 and bitcoin jumped towards $9,000 before starting a downside correction. However, dips in ETH price remains supported near $158 and $155.

  • Ether price started a downside correction the new 2020 high at $172 against the US Dollar.
  • The price is currently trading below $165 and it could extend its decline.
  • There is a major declining channel forming with resistance near $165 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could test the key $155 support area before it starts a fresh increase in the near term.

Ethereum Starts Downside Correction

Yesterday, we saw a strong rise in Ethereum above the $160 resistance and bitcoin above $8,500 against the US Dollar. ETH price traded to a new 2020 high near $172 before it faced a strong selling interest.

Later, there was a downside correction and the price declined below the $165 support. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $143 swing low to $172…

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