ETH has broken through key support; what next?

The price of the Ethereum token is currently being adjusted, after breaking down the key support area of $154 - $155. Technical analysis indicates a further decline.

Earlier, we discussed the probability Of Ethereum falling if it falls below the $ 180 support and now the price has fallen below this level and the 100-hour simple moving average, which has led to a sharp decline.

The price broke through a lot of supports around $ 172 and $ 166. Moreover, today the token fell by almost 8%, and tested the support area of 154-155 dollars (the last possible target for bears this month).

A new monthly low has been formed around $156 and the price is currently adjusting higher. ETH was trading above the $ 160 level. In addition, there was a break above the Fibonacci retracement level of 23.6% of the recent decline from a high of 177 dollars to a low of 156 dollars.

On the hourly chart, ETH/USD forms a short-term shrinking triangle with resistance around 165 dollars. Above the triangle resistance, the level of 166 dollars can also become a serious obstacle for the bulls.

In addition, the Fibonacci retracement level at 50% of the recent decline from a high of 177 dollars to a low of 156 dollars is close to the level of 166 dollars. So the Ethereum price is likely to face strong selling interest around the $165 and $166 levels.

After the completion of the current wave of correction, the price may fall below the $ 160 mark. However, there is a chance of ranking moves above the $155 support zone for some time before the next major move.

If below the support area of 154-155 dollars there is a break down, the chances of a decent recovery in the near term are likely to decrease. The next key support is seen around the $142 level.

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