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Ethereum Price Analysis: ETH/USD balances at the edge of the $160 cliff

  • Ethereum 2.0 phase 0 is now stable; development shifting to phase 1.
  • Ethereum recovery depends on the bulls' ability to defend $160 support and lift off above $170 stubborn resistance.

Cryptocurrencies have not managed to turn around the bearish wave this week. The last day of week’s trading is upon us but the market is thoroughly painted in red. Ethereum, for example, can barely hold above the support at $160. Besides, it is trading 1.31% lower on Friday after opening the Asian session at $162.

Ethereum 2.0 phase 0 is complete

According to Diederik Loerakker the developer in charge of Ethereum 2.0 specifications and implementations, phase 0 also referred to as Beacon Chain has stabilized. Similarly, phase 1 draft has already been completed. The draft clearly shows how shards will work together in the new protocol. Loerakker revealed that that the main focus is now on developing tests for phase 1 as well as coming up with finer details such as the custody game.

Ethereum price technical picture

Ethereum is currently embracing the support provided by the ascending trendline. However, the prevailing bearish trend and high volatility means that Ethereum could dive towards the next support at the 61.8% Fibo highlighted at $155. Also emphasizing the bearish grip is the RSI, currently spiraling towards 30 (oversold region). Other support areas likely to help include,the 100 SMA, $140 and $120 buyer congestion zones. On the flip side, the recovery towards $200 is likely to take longer considering the stubborn resistance at the 50 SMA, $170 and $180.

ETH/USD 4-hour chart 

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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