Ethereum Price Plunges to $160: Can Bulls Save The Day?

Ethereum started a sharp decline from the $180 resistance, similar to bitcoin from $9,200. ETH declined towards $160, but it is likely to find strong bids near $158.Ether price was rejected near the $180 area and it declined below $165 against the US Dollar.Bitcoin price is down more than 5% and it is now trading near the $8,500 resistance.There was a break below a major bullish trend line with support near $172 on the hourly chart of ETH/USD (data feed via Kraken).The pair is trading above a couple of important supports near $158 and $162.Ethereum Starts Corrective DecreaseThis past week, we saw a strong rise in Ethereum above the $165 and $170 resistance levels against the US Dollar. ETH price even surpassed the $175 resistance and traded close to the $180 zone.However, the price faced a strong selling interest near the $178-$180 resistance zone. A high was formed near $179 and the price started a solid downside correction.The price traded below a couple of important supports near the $172 and $170 levels. Moreover, there was a break below a major bullish trend line with support near $172 on the hourly chart of ETH/USD.Ethereum PriceFinally, Ethereum price settled below the $170 level and the 100 hourly simple moving average. It opened the doors for more losses and the price broke the $165 support. A low is formed near $162 and the price is currently correcting higher.An initial resistance is near the $166 level. Besides, the 23.6% Fib retracement level of the recent decline from the $179 high to $162 low is also near $165.The first key resistance is near the $168 level and the 100 hourly SMA. The main resistance is near the $170 level since it is close to the 50% Fib retracement level of the recent decline from the $179 high to $162 low.Therefore, Ethereum needs to climb back above the $168 and $170 levels to resume its upward move towards $180 and $185.Dips In ETH Remain SupportedOn the downside, there are a couple of key supports near $162 and $158. If ETH fails to stay above the $158 support, there is a risk of a larger downside correction.The main support is near the $152 level, below which Ethereum is likely to turn bearish and decline towards $140 in the near term.Technical IndicatorsHourly MACD The MACD for ETH/USD is slowly moving back into the bullish zone.Hourly RSI The RSI for ETH/USD is now well below the 50 level.Major Support Level – $158Major Resistance Level – $170

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