Is the Ethereum price tumble from $165 the result of a strong rejection at a crucial resistance or simply ETH and BTC longs unwinding after an impressive weekend rally?
ETH 00 tumbled after tackling the $165 resistance but the abrupt correction throughout the market appears to have been the primary reason for stopping its advance to $170.
The altcoin dropped below the $160, $152 and $140 support to rest at the $130 support, which also aligns with the 23.6% fib retracement level. Currently, ETH price rests along the ascending trendline with support at 38.2% fib retracement level ($136.92) and a dip below this could see the altcoin revisit $130.
ETH-USD Longs Chart
Ethereum price longs reached all-time-highs and the Bitcoin-led unwinding of longs appears to have also occurred with ETH as traders took profits from the…