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Ethereum Starts Downside Correction

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#1
Yesterday, we saw a strong rise in Ethereum above the $160 resistance and bitcoin above $8,500 against the US Dollar. ETH price traded to a new 2020 high near $172 before it faced a strong selling interest.
Later, there was a downside correction and the price declined below the $165 support. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $143 swing low to $172 high.
The price even broke the $162 support and tested the $160 region. An initial support on the downside is near the $158 level. It coincides with the 50% Fib retracement level of the upward move from the $143 swing low to $172 high.
More importantly, there is a major declining channel forming with resistance near $165 on the hourly chart of ETH/USD. Therefore, there are chances that Ethereum might follow the declining channel and slide towards the $158 and $155 support levels.

Ethereum Price
The main support is now near $155 and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the upward move from the $143 swing low to $172 high is near $155..
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