Ethereum Falls Way below $170 after a 4% Decline Overnight

• Ethereum loses 4% overnight to go as low as 168 USD.
• The next support may come at 165 USD.

Ethereum has made another 4% loss over the last day, and the value has gone below 170 USD now. The price variations have been in the range between 175 USD and 162 USD. Yesterday, after 14:00 UTC, ETH showed signs of strength, but it could not retain the signs for long.

Ethereum Price Analysis:

Ethereum was near 175 USD at the time of opening, and in the initial 6 hours, it lost 7.21% and reached 162 USD, the lowest point for the day. From there it showed signs of strengthening and with the help of a 4.17% raise, it could scale its value to 169.25 USD. The next swing started at 10:04 UTC, and over the next 2 hours and 48 minutes, it fell to 164.60 USD after a 2.56% decline in the overall value. Towards 14:00 UTC, the value of ETH started constantly rising until it reached 173.39 USD at 22:11 UTC. From there it took another fall and lost 6.18 USD to be placed at 167.21 USD by 02:28 UTC today.

Ethereum’s struggle can be seen from the volatility it faced yesterday. As of now, the current price has started moving above the 20 days and 50 days average line. According to ETH Forecast, the coin may become one of the first coins to bring a recovery at the earliest.

Resistance and Support Levels: