ETH/USD extends the downside, loses 2%

  • Ethereum price is sliding down in sync with the market.
  • Recovery above $180 is needed to mitigate initial bearish pressure.

ETH/USD is range-bound with bearish bias during Friday trading. The second-largest digital coin with the current market value of $18.8 billion has lost about 2.2% on a day-on-day basis and since the beginning of the day. At the time of writing, ETH/USD is changing hands at $174.55 with no clear short-term direction.

Ethereum’s technical picture

Ethereum’s fall to its current value of $172 comes after the cryptocurrency again failed to break upwards through $180 earlier today. This is the second time that this resistance level has held back the price, following a  [failed](  first attempt at the start of October. The cryptocurrency is also 30% down from its September 19 high of $225.

Ethereum’s failure to stay above $180.00 attracted new sellers to the market and pushed the price below $172.00 during early Asian hours. While the coin managed to regain some ground, the overall sentiments remain bearish as long as the price stays below the mentioned barrier. Once it is out of the way, the upside is likely to gain traction with the next focus on $185.00 ( SMA50 (Simple Moving Average) on a daily chart) and $190.00 strengthened by the middle line the Bollinger Band on a daily chart.

On the downside, a sustainable move below $170.00 will trigger more sell-offs with the next target at $164.45 (the lowest level of the week). Once it is broken, psychological $160.00 will come into view, followed by the previous week’s low at $152.50. 

ETH/USD, one-day chart

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