- Ethereum bears put intense pressure on support areas on Friday as focus shifts to $170.
- The most viable support area is the region above $168.
Ethereum bears are making a quick return to $170 after the bullish action staged on Thursday failed to successfully target $180 resistance level. It is likely that the crypto market will usher in the weekend sessions in losses. As for Ethereum, the price is teetering at $173.73 amid a strengthening bearish momentum.
The Relative Strength Index (RSI) dive into the oversold emphasizes the sellers’ grip. However, traders need to be on the lookout for oversold levels likely to force a reversal in the short-term.
Limiting upward movement is the 50 Simple Moving Average (SMA) on the one-hour chart currently at $175.91, the broken trendline support and the 100 SMA slightly under $180.
On the downside, tentative support is $172. Extended declines will likely find cushioning a $170. Moreover, the region above $168 must be considered as viable support in the event $170 levels caves in.