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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Still Capped By Key $185 Resistance

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price is still struggling to break the key $185 resistance area against the US Dollar.
  • The price is currently correcting lower and it might find support near $178 or $175.
  • There is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could retest the $185 resistance area as long as it is trading above the $175 support.

Ethereum price is struggling to continue higher versus the US Dollar and bitcoin. ETH price remains at a risk if it fails to stay above the main $175 support area.

Ethereum Price Analysis

Yesterday, we saw a nice 10% rally in Ethereum above the $175 resistance against the US Dollar. ETH price even broke the $180 resistance and the 100 hourly simple moving average. However, the main $185 resistance acted as a hurdle and prevented more gains. A high was formed near $185 and the price started a downside correction. It broke the $180 level to start the correction.

Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $168 swing low to $185 high. However, the price stayed above the $178 support and the 100 hourly SMA. Additionally, there is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD. The next support is near the $176 level. It coincides with the 50% Fib retracement level of the upward move from the $168 swing low to $185 high.

However, the main support is near the $175 level, where the bulls are likely to prevent additionally declines. If there is a downside break below $175 and the 61.8% Fib retracement level of the upward move from the $168 swing low to $185 high, the price could move back into a bearish zone. The next support is near the $172 level.

On the upside, an immediate resistance is near the $182 level. Having said that, the key resistance is near the $185 level. A successful break above the $185 resistance area is must for upside continuation in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly struggling to clear the key $185 resistance area. Therefore, there could be an extended decline towards the $175 support area. It seems like the price might make another attempt to clear the $185 resistance. If it fails again, there could be a sharp decline below $175.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently approaching the 50 level.

Major Support Level – $175

Major Resistance Level – $185

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Aayush Jindal
Aayush Jindal

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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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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