Ethereum (ETH) Near Crucial Juncture, Can It Recover?

technical analysis ethereum

Ethereum price is setting up for the next move versus the US Dollar and bitcoin. ETH price could rise positively if there is a successful break above the $185 resistance.

Ethereum Price Analysis

This past week, there was a sharp downside correction in Ethereum from the $198 high against the US Dollar. The price broke a couple of important supports near the $188 and $185 levels. Moreover, there was a close below the $185 support and the 100 hourly simple moving average. Finally, the price traded below the $180 level and found support near the $178 level.

In the weekly forecast, as discussed the importance of the $175 support. The price is currently consolidating above the $178 and $175 support levels. At the moment, it is trading near the $183 level, plus the 23.6% Fib retracement level of the last major decline from the $198 high to $178 swing low. However, the upward move is currently facing hurdles near the $184 and $185 levels.

Moreover, the 100 hourly SMA is also preventing an upside break above the $184 level. There is also a key bearish trend line forming with resistance near $184 on the hourly chart of ETH/USD. Therefore, a clear break above the trend line, $185, and the 100 hourly SMA is needed for a strong recovery. The next key resistance is near the $188 level. It represents the 50% Fib retracement level of the last major decline from the $198 high to $178 swing low.

Conversely, if there is no upside break above the $185 resistance, there could be another decline. An immediate support is near the $178 level. However, the main support is near the $175 level, below which there is a risk of a downside extension towards the $165 support area.

Looking at the chart, Ethereum price is clearly consolidating above the $178 and $175 support levels. There are high chances of an upside break above $185, but it’s hard to discard another drop before a fresh increase.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently rising and it is just above the 50 level.

Major Support Level – $178

Major Resistance Level – $185

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