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.
- Ethereum price is struggling to climb above the $192 and $195 resistances against the US Dollar.
- It seems like a head and shoulders pattern forming with support near the $188 and $186 levels.
- This week’s key bullish trend line is intact with support near $188 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin is still facing a lot of hurdles near the $9,400 and $9,500 resistance levels.
Ethereum price is forming a bearish breakdown pattern versus the US Dollar, while bitcoin is trading below $9,400. ETH price could decline heavily if it breaks $186.
Ethereum Price Analysis
Recently, there was a decent rise in Ethereum above the $188 and $190 resistance levels against the US Dollar. Moreover, ETH price traded above the $192 resistance area and settled above the 100 hourly simple moving average.
However, the price faced a strong resistance near the $195 level and a high was formed near $195. There was a downward move from the $195 and the price traded below the $190 level.
At the outset, Ethereum is holding the $188 and $186 support levels. On the upside, an immediate resistance is near the $192 level. Besides, the 50% Fib retracement level of the recent decline from the $195 high to $188 low is near the $192 zone.
Therefore, an upside break above the $192 level might push the price towards the $195 resistance. An intermediate resistance is near the 76.4% Fib retracement level of the recent decline from the $195 high to $188 low.
On the downside, there are many supports near the $188 and $186 levels. More importantly, this week’s key bullish trend line is intact with support near $188 on the hourly chart of ETH/USD.
It seems like there is a head and shoulders pattern forming with support near the $188 and $186 levels. Thus, if there is a bearish break below the $186 support, the price could start a fresh decline in the near term.
The next key support is near the $185 level. Any further losses are likely to push the price back towards the main $178 support area.
Looking at the chart, Ethereum price seems to be preparing for the next move, with key supports near $186 and the 100 hourly simple moving average. If the highlighted head and shoulders pattern plays well, the price could decline towards the $180 and $178 support levels in the short term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and it is well below the 50 level.
Major Support Level – $186
Major Resistance Level – $192
