Ethereum Price Analysis: ETH Declines Sharply After Binance Hack

Ethereum price analysis shows that the price of ETH declined fast after the Binance exchange hack that led to the loss of $40 million. ETH surpassed the key support level at $179.00 and tested the $170.00 area according to the latest cryptocurrency news.

The ethereum price traded at $191.83 on Bitfinex reaching a new 2019 high but it later declined after the exchange got hacked. The bearish trend line is now forming a resistance near the $181.00 as the 30-minute charts show. The price also remains supported on the downside near the $172 and $170 levels.

We have seen a strong increase in the ethereum price and bitcoin recently. ETH price surged way past the $185 level and as mentioned reached a new 2019 high on Bitfinex. Later, a downside correction happened below the $188 which got traction just after Binance lost 7,000 in BTC during the massive security breach.

By looking at the 30-minute charts of ETH/USD, the pair dropped dramatically below the $188 and $179 support levels. There was even a close down below the 9 support level and the 25 simple moving average.
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There was also an increase below the $172 and $170 support levels. A slight swing lower was formed at the $169 price range. The ETH price later managed to bounce back above the $172.

Currently, the ethereum price analysis shows that the altcoin is trading near the 50% Fib retracement level after the recent decline from the $183 high to $169 low. A resistance level near the $179 is forming. The 61.8% Fib retracement level of the recent decline to the 169.17 low is also coming near to the $179.00 level from the previous $183 high.

The coming altcoin news shows that there is a bearish trend line forming with a $181 resistance level. Therefore, the eth price should clear the previous $179 and $181 in order to have a fresh start and increase in price. In the short term, there could be some swing moves but the price will likely find a strong buying interest close to the $172.00 and the $170.00 levels.

Moreover, the ETH price will likely start a new, fresh, upward move towards $180 as long as it manages to trade above the $170 support area. Also, a close below the $170 might bring another wave of weakness towards the $156.00 level.