- ETH price struggled throughout the week and moved below $180 against the US Dollar.
- There is a descending channel pattern with support near $170 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is currently recovering and may continue to head higher towards $220 in the near term.
Ethereum price slowly moved lower this past week against the US Dollar and Bitcoin. Now, ETH/USD is attempting a recovery towards $220.
Ethereum Price Support
There was a high formed at $255.74 in ETH price against the US Dollar. Later, the price started correcting lower and moved below the $220-225 support zone. The downside move was such that there was a break below the $200 handle as well. The price even moved below the 50% Fib retracement level of the wave from the $136.51 low to $255.74 high.
However, the downside move was protected by the $180 level. It is near the 61.8% Fib retracement level of the wave from the $136.51 low to $255.74 high. There is also a descending channel pattern with support near $170 forming on the 4-hours chart of ETH/USD. It may act as a major catalyst for the next move. The price is currently attempting to settle above the 100 simple moving average at $205. However, it may not be an easy job for buyers with supports near $195 and $180.
On the upside, the channel resistance is near $220, which could be tested if the price settles above the 100 SMA. On the downside, the channel support and the 61.8% Fib level at $180-178 is a crucial support zone. As long as the price is above $180, there is a chance of a move towards $220 in the near term.
4-hours MACD – The MACD is currently attempting to move from the bearish to bullish zone.
4-hours RSI – The RSI has moved above the 50 level.
Major Support Level – $180.00
Major Resistance Level – $220.00
Charts courtesy – SimpleFX