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Technical market overview:
The ETH/USD pair has made another rally towards the level of 183.34 but did not violate it. The market reversed quickly and broke below the technical support at the level of 170.35, so the new local low was made at the level of 164.03. The upward momentum is diminishing and now the next target for bears is seen at the level of 159.44. The whole impulsive structure might have been completed at the level of 182.84 with a failed fifth wave, so now the corrective cycle might have started.
Weekly Pivot Points:
WR3 - $226
WR2 - $201
WR1 - $186
Weekly Pivot - $162
WS1 - $146
WS2 - $120
WS3 - $106
Trading recommendations:
The long-term buy orders should now be closed as the level of 170.35 has been violated. The nearest level to open the sell orders is seen at 170.35 which will act as a technical resistance for the price. The target is seen at the level of 159.44.
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