The Ethereum responded to the fall of Bitcoin. What will happen next week?

Amid falling prices of Bitcoin in the Ethereum also moved into correction stage. Judging by the dynamics of the trade, the bears are trying to regain market position. If the situation will not change soon, cryptocurrency may be able to test support in the area of 155 dollars.

The General situation looks like this:

  • ETH set a new local peak in the district is 188 dollars, and then began to roll back;
  • on the way down, the asset has broken two levels of support on the lines 174 and $ 165;
  • on a scale of 4-hour chart is still valid bullish trend in the area of 155 dollars.

Tonight Ethereum is trading at 164 dollars. For the past day coin rose 0.3 percent.

Technical analysis

This week the Ethereum could set a new local high around 188 dollars. Resistance in this area was quite strong, so the bulls were never able to raise the price of the asset up to $ 200. Failed the line test was preceded by a rollback, in which the cryptocurrency fell below the Fibonacci 0.5 level, laid on a wave of growth from 154 to 188 dollars.

In a few hours the bears managed to regain the initiative in their hands, they made a successful attempt to breakout of the support zone of $ 165. From the rapid draining Ethereum holds only the line of the local uptrend. Most likely, bitcoin will drop to $ 155, after which will decide the fate of the future price movement for next week.

Source: TradingView

Top growth limiting resistance near $ 175. Risky traders can wait for pullback to the line of the local uptrend, and then open a long. Note that the probability of breaking through this line will be increased with the sudden decline of Bitcoin.

The testimony of technical indicators, fortunately, indicate the continuation of the upward movement of the asset. The MACD is back to bullish zone, but the RSI is slightly below average.

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