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Ethereum Price Technical Analysis ETH USD
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Ethereum (ETH) Correcting Higher But Bears Remain In Control

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Ethereum is currently correcting higher from the $172 support against the US Dollar.
  • Bitcoin price is also correcting higher, but it is likely to face resistance near $8,250.
  • There was a break above a declining channel with resistance near $175 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is facing a lot of hurdles on the upside near $178 and $180.

Ethereum price is attempting an upside correction versus the US Dollar, similar to bitcoin. However, ETH bears remain in control as long as the price is below $185.

Ethereum Price Analysis

This week, we saw a major downside break in Ethereum below the $180 and $178 supports against the US Dollar. ETH price even settled below the $180 level and the 100 hourly simple moving average.

Finally, there was a break below the $175 support and the price tested the $172 area. A new monthly low was formed near $172 and the price is currently correcting higher. It surpassed the $175 resistance area.

Additionally, there was a break above the 23.6% Fib retracement level of the downward move from the $186 high to $172 low. More importantly, there was a break above a declining channel with resistance near $175 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $178 zone (the recent breakdown support area). The main resistance on the upside for Ethereum is near the $180 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the downward move from the $186 high to $172 low is also near the $180 area. Therefore, an upside break above the $180 resistance may perhaps decrease the current selling pressure.

To move into a positive zone and start a strong rise, the price must break the $185 resistance zone and both bearish trend lines. On the downside, the $175 level could provide support.

The key support is now near the recent low at $172. If there is a downside break below the $172 level, the price is likely to start another major decline towards the $166 and $160 levels in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is attempting an upside correction above the $175 level. Having said that, the bears are still in control as long as the price is trading below $178 and $180. On the downside, they might be looking for a break below the $170 zone.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently moving higher and is above the 50 level.

Major Support Level – $172

Major Resistance Level – $180

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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