Ethereum Price (ETH) Targets Fresh Weekly Low, Bitcoin Down 2%

Story by: Aayush Jindal

• ETH price failed to climb above the $195 resistance and declined recently against the US Dollar.
• The price is now trading below the $190 level and it seems like there could be more downsides.
• There is a short term breakout pattern forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is likely to continue lower below the $185 support and it may even break $180.

Ethereum price is back in a bearish zone below $190 versus the US Dollar, similar tobitcoin. ETH price is likely to continue lower as long as it is below $195.

Ethereum Price Analysis

Yesterday, we saw an upside correction in ETH and bitcoin above $192 and $10,200 respectively against the US Dollar. However, Ether struggled to gain momentum above the key $195 resistance level. As a result, there was a fresh bearish wave below the $192 and $190 support levels. Moreover, the price even settled below the $192 level and the 100 hourly simple moving average.

Ethereum price also broke the 50% Fib retracement level of the last wave from the $182 swing low to $196 swing high. During the decline, there was a break below a major bullish trend line with support at $190 on the hourly chart. The price is now trading well below the $190 level plus the 61.8% Fib retracement level of the last wave from the $182 swing low to $196 swing high.

Additionally, there is a short term breakout pattern forming with support near $186 on the same chart. If there is a downside break below the $186 and $185 supports, there could be more downsides. The next key support is near the $182 level, below which the price could revisit the $180 support. If there are additional losses, the price is likely to tumble towards the $170 support area.

On the upside, an initial resistance is near the $188 and $190 levels. Above $190, Ethereum price might climb towards the $195 resistance area. However, the main weekly hurdle for the bulls remain near $200, above which the price is likely to turn positive and move into an uptrend.

Looking at the chart, Ethereum price is clearly trading with a negative bias and yesterday’s recovery failed near $195. Therefore, there are chances of more downsides below the $185 and $180 support levels. The next stop could be $170, where the bulls may take a stand.

Original story: https://www.newsbtc.com/2019/08/27/ethereum-price-eth-targets-fresh-weekly-low-bitcoin-down-2/

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