Ethereum Price (ETH) Could Decline While Bitcoin Is Gaining Momentum

Aayush Jindal

1 year ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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ETH price is still struggling to gain momentum above the $180-$181 resistance area against the US Dollar.
The price is slowly moving lower and it could decline further towards the $174 support area.
A major bullish trend line is at risk with support near $178 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is climbing higher and it seems like the bulls may gain traction above $10,500.

Ethereum price is struggling to continue higher versus the US Dollar, while bitcoin is surging. ETH price could retest $174 or $172 before it starts a fresh increase.

Ethereum Price Analysis

Yesterday, we saw a decent upward move in bitcoin, Ethereum, ripple and binance coin against the US Dollar. ETH price climbed above the key $172 and $175 resistance levels. Moreover, there was a close above $175 and the 100 hourly simple moving average. However, the price struggled to gain momentum above the $180 and $181 resistance levels. As a result, there was a bearish reaction and the price tested the $175 support area.

Later, it bounced back above $180, but failed to continue higher. A swing high was formed near $183 and the price is currently correcting lower. It traded below the $180 level and the 50% Fib retracement level of the recent wave from the $174 swing low to $183 high. At the moment, a major bullish trend line is at risk with support near $178 on the hourly chart of ETH/USD.

Moreover, the price is struggling to hold the 61.8% Fib retracement level of the recent wave from the $174 swing low to $183 high. Therefore, Ethereum might continue to move down towards the $175 and $174 support levels. Additionally, the 100 hourly simple moving average is also waiting near the $175 level to act as a support. If there is a break below $174, the price could even test the $172 support area.

On the upside, the key resistance is near the $180 and $182 levels. To continue higher, the price must settle above the $182 level and gain strength above the $183 swing high. If not, there are chances of a downside extension towards the $172 level.

Looking at the chart, Ethereum price is clearly facing a strong selling interest above $180 and it is struggling to continue higher, despite positive moves in bitcoin above $10,450. Therefore, it seems like there could be a downside reaction below $175 before the price starts a fresh increase.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 level, with a bearish angle.

Major Support Level – $172

Major Resistance Level – $180-$182

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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