Ethereum market update: ETH/USD refreshes lows close to $160 – Declines still unstoppable

• Ethereum losses explored the levels below $165 and refreshed the support congestion zone above $160.
• Market volatility is at its highest level since the beginning of April – Bollinger Band.

It’s a bloody Wednesday on the cryptocurrency market. The bears have had their field day as they pushed for revenge. Ethereum, just like the majority of cryptocurrencies plunged from the weekly high traded yesterday at $177.68. The declines were unstoppable at both the 50 simple moving average (SMA), the 100 SMA and the rising trendline support.

Ethereum losses explored the levels below $165 and refreshed the support congestion zone above $160. The Bollinger Band 1-hour shows the volatility having to the highest levels since the first week of April. Prior to the sudden plunge, ETH/USD was sustaining the price above $170 key support following a correction from $ 167-weekend support area.

At press time, the price is dancing at $163, the downtrend has slowed down. However, the support at $160 is still at risk due to the prevailing bear pressure. The RSI 1-hour is in the oversold after the rejection from the levels above 70 on Tuesday. The MACD also confirms that the bears have the upper hand in the near-term. All other technical indicators considered, Ethereum is likely to stay in a range between $160 and $165 in the coming sessions today as the bulls gather the strength to assault the levels towards $170.

ETH/USD 1-hour