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technical analysis ethereum
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Ethereum (ETH) Price Still Capped By Key $185 Resistance

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
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  • ETH price is still struggling to break the key $185 resistance area against the US Dollar.
  • The price is currently correcting lower and it might find support near $178 or $175.
  • There is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could retest the $185 resistance area as long as it is trading above the $175 support.

Ethereum price is struggling to continue higher versus the US Dollar and bitcoin. ETH price remains at a risk if it fails to stay above the main $175 support area.

Ethereum Price Analysis

Yesterday, we saw a nice 10% rally in Ethereum above the $175 resistance against the US Dollar. ETH price even broke the $180 resistance and the 100 hourly simple moving average. However, the main $185 resistance acted as a hurdle and prevented more gains. A high was formed near $185 and the price started a downside correction. It broke the $180 level to start the correction.

Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $168 swing low to $185 high. However, the price stayed above the $178 support and the 100 hourly SMA. Additionally, there is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD. The next support is near the $176 level. It coincides with the 50% Fib retracement level of the upward move from the $168 swing low to $185 high.

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However, the main support is near the $175 level, where the bulls are likely to prevent additionally declines. If there is a downside break below $175 and the 61.8% Fib retracement level of the upward move from the $168 swing low to $185 high, the price could move back into a bearish zone. The next support is near the $172 level.

On the upside, an immediate resistance is near the $182 level. Having said that, the key resistance is near the $185 level. A successful break above the $185 resistance area is must for upside continuation in the near term.

Ethereum Price Analysis ETH Chart

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Looking at the chart, Ethereum price is clearly struggling to clear the key $185 resistance area. Therefore, there could be an extended decline towards the $175 support area. It seems like the price might make another attempt to clear the $185 resistance. If it fails again, there could be a sharp decline below $175.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone.

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

Major Support Level – $175

Major Resistance Level – $185

Tags: ETHethereum
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Aayush Jindal

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 markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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