Ethereum (ETH) Could Recover To $180, Bitcoin Up 5%

Aayush Jindal

1 year ago

2 mins read

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Ethereum price is currently correcting higher and is trading above $172 against the US Dollar.
Bitcoin price is up more than 4% and it broke the key $8,200 resistance area.
There was a break above a key bearish trend line with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover further towards the $180 level, which is a major hurdle for the bulls.

Ethereum price is slowly climbing higher versus the US Dollar, while bitcoin is up 5%. However, ETH price is likely to face a strong resistance near the $180 area.

Ethereum Price Analysis

This past week, Ethereum tested the $168 and $170 support levels on two occasions against the US Dollar. However, the bears were not able to gain strength below $168. As a result, there was a short term upside correction above the $172 resistance. More importantly, bitcoin rallied more than 5% and climbed above the key $8,200 resistance area.

During the rise, ETH price even broke the $175 resistance and the 100 hourly simple moving average. Moreover, there was a break above a key bearish trend line with resistance near $172 on the hourly chart of ETH/USD. The pair tested the $177-178 area and it is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the recent recovery from the $169 low to $176 high.

Additionally, it seems like the $175 level and the 100 hourly SMA are acting as supports. If there are more downsides, Ethereum price could test the $172 support area. Moreover, the 50% Fib retracement level of the recent recovery from the $169 low to $176 high is also near the $172 area to act as a major support. Any further losses could push the price back towards the key $168 support area.

On the upside, there are many important hurdles near the $178 and $180 levels. To move into a positive zone, the price has to move above the $180 resistance. The next key resistance is near the $185 level, above which ETH could start a solid upward move.

Looking at the chart, Ethereum price is clearly recovering and it is showing positive signs above $175. However, the price is likely to fail near the $180 or $185 resistance area. On the downside, the $168 level holds the key, below which the price could decline towards the $162 and $160 support levels in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.

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

Major Support Level – $172

Major Resistance Level – $180

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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