Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- ETH price started an upside correction and tested the $185 resistance against the US Dollar.
- The price is currently correcting lower, but it remains supported near $175 and $172.
- There is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD (data feed via Kraken).
- The price remains well supported on dips near the $172 and $170 levels in the near term.
Ethereum price is showing positive signs above versus the US Dollar, while consolidating vs bitcoin. ETH price is likely to break the $185 resistance as long as it is above $170.
Ethereum Price Analysis
Yesterday, we saw a decent upward move above the $172 and $175 resistances in Ethereum against the US Dollar. ETH price even settled above the $175 level and the 100 hourly simple moving average. Moreover, it traded above the $180 level and tested the key $185 resistance area. A swing high was formed near $185 before the price started a downside correction.
There was a break below the $180 level. Moreover, the price traded below the 23.6% Fib retracement level of the last wave from the $165 low to $185 high. At the moment, the price is trading near the $175 support area and the 100 hourly SMA. More importantly, the 50% Fib retracement level of the last wave from the $165 low to $185 high is providing support near $175.
If there are more downsides, the next key support is near the $172 level. An intermediate support is near the 61.8% Fib retracement level of the last wave from the $165 low to $185 high. Finally, there is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD. Therefore, Ethereum remains well supported above the $170 level in the near term.
On the upside, the $185 level is a strong resistance. Once there is a close above the $185 level, the price is likely to accelerate higher towards the $195 and $200 resistance levels in the near term. Conversely, a close below the $170 level might push the price back towards the $165 level.
Looking at the chart, Ethereum price is currently correcting the recent upward move from $165. However, there are key supports near $172 and $170. As long as there is no close below $170, the price is likely to climb higher. A clear break above $185 is needed for a solid run towards the $200 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.
Major Support Level – $172
Major Resistance Level – $185
