- Ethereum fails to sustain growth above $160 resulting in a breakdown towards $150.
- Buyers look towards $170 psychological level.
Ethereum can be seen trading at $155 after breaking below the trendline support at $160. Ethereum has been correcting higher since the new year begun. The bulls are intent on pushing Ethereum towards $170. However, looking at the chart at the moment, their dream remains but a mirage.
Ethereum looming breakdown – Confluence Detector
Ethereum is trading below the Simple Moving Averages (SMA) in the 1-hour range. The 50-day SMA is offering immediate resistance while the 100-day SMA will limit gains marginally below $160. Further up, there is not much resistance according to the Confluence Detector tool. There will be a slight struggle at 157.85.
However, after the bulls reclaim the position above $160, they must brace themselves for correction for the seller concentration at $162.65. As mentioned, they have their eyes at $170 but first, they will have to clear the resistance at $165.85 and $169.05 respectively. On the other hand, ETH/USD is supported strongly at $143.45.
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