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Here’s Ethereum Bears Last Defense, Can Bulls Overcome This Hurdle?

Avatar Aayush Jindal 3 weeks ago

Ethereum is up 2% and it broke the $175 resistance, while bitcoin rallied 5%. ETH price is now facing a strong resistance near the $178 and $180 levels.

  • There was a steady rise in Ethereum above the $170 and $175 levels against the US Dollar.
  • The price revisited the key $178 resistance area, where the bears took a stand.
  • There is a major ascending channel forming with support near $173 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally significantly once there is a close above the $178 and $180 levels.

Ethereum Price Struggling Near $180

This week, there was a slow and steady rise in Ethereum above $170 against the US Dollar. ETH price corrected a few points, but it was able to pop above the $175 resistance and the 100 hourly simple moving average.

Finally, it revisited the key $178 resistance area, where the bears took a stand. A high is formed just below $180 and the price is currently correcting gains. It broke the 23.6% Fib retracement level of the recent gain from the $170 swing low to $179 high.

An initial support on the downside is near the $175 level. It coincides with the 50% Fib retracement level of the recent gain from the $170 swing low to $179 high.

Moreover, there is a major ascending channel forming with support near $173 on the hourly chart of ETH/USD. If there is a downside break below the channel support, the price could test the $170 support area.

Ethereum Price

Ethereum Price

On the upside, the $178 and $180 levels are important hurdles for Ethereum bulls. The price must settle above $180 to continue higher. The next major resistance above $180 is seen near the $200 handle.

Key ETH Support

The first major support is near the ascending channel, followed by $170. If ETH bulls fail to defend the $170 support level, the next support is seen near the $168 level.

It also coincides with the 1.236 Fib extension level of the recent gain from the $170 swing low to $179 high. Besides, the 100 hourly simple moving average is also near the $168 level.

If there is a break below the $168 support, Ethereum might turn bearish and test the $158 support. An intermediate support could be near the $162 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 60 level, with a little correction signals.

Major Support Level – $173

Major Resistance Level – $180

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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