Ethereum Price Analysis: ETH Extends Price Drop, Breaches Key Support Level Near $170

• Ethereum has recently traced a dip near $166, rebound on the way
• ETH has broken a few major support levels since yesterday including $180, $175 and recently $170
• The short term SMA line has recently climbed above the long term SMA line, gives a positive sign
• Technical indicators paint a bullish picture, as the price uplifts a bit over the last couple of hours

Ethereum price has just started an uptrend against the U.S Dollar after a prolonged intense bearish phase. It is important to note that crypto market has witnessed a major price fall yesterday, after which Bitcoin price has broken even below $10,000.

The mentioned drop has caused ETH price to reach $175 from $187. After an extended price fall, the coin traded in the price range below $172. Over the last 4 hours, ETH has breached a support level of $170 and traced a dip near $166.81. 

Seeing support level there, Ethereum value has started moving upward, though it is to be seen how long the uptrend lasts, considering the current bearish market. Tracing a bullish trendline, ETH has reached above $169 with an increase of 1.66%. At 09:34:47 UTC, price of Ethereum is trading at $169.42.

ETH/USD Price Chart

Ethereum Price Chart

ETH’s current price is hovering around its 5-day SMA of $169.87 while is 9.13% down as compared to its 50-day SMA of $186.83. The coin is trading under a strong selling pressure.

Ethereum Technical Indicators:

Ethereum’s technical picture thankfully appears a bit better after a long time. The short term SMA line (10-days) is moving above the long term SMA line (50-days), indicating a bullish price move. The coin has recently faced resistance near $168 and may see more above $170.

MACD chart of ETH/USD is in bullish zone with its MACD line above the signal line, while the RSI indicator is just above 50, noting no extremities at the moment. 

Ethereum price may face resistance at $183.82, $193.74 and $199.56, while it may find support at $168.08, $162.26 and $152.34.