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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Ethereum Trading Near Make-or-Break Levels: Can ETH Bulls Save The Day?

Aayush Jindal by Aayush Jindal
4 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read

Ethereum surged to a new 2020 high at $187 and it is currently correcting lower against the US Dollar, similar to bitcoin. ETH price must stay above $178 to continue higher in the near term.

  • ETH price is currently correcting lower from the $187 yearly high against the US Dollar.
  • The price could decline heavily if it breaks the $178 and $175 support levels.
  • There is a crucial bullish trend line forming with support near $178 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could either surge again above $187 or it might extend its correction towards $170.

Ethereum Price Testing Important Support

This past week, Ethereum managed to outpace bitcoin, with strong gains above the $170 level against the US Dollar. ETH price even broke the $180 resistance and settled above the 100 simple moving average (4-hours).

It traded to a new 2020 high at $187 and recently started a downside correction. There was a break below the 23.6% Fib retracement level of the last upward move from the $170 swing low to $187 high.

Ethereum price is now trading near the $180 support area. Besides, there is a crucial bullish trend line forming with support near $178 on the 4-hours chart of ETH/USD.

Ethereum Price
Ethereum Price

More importantly, the 50% Fib retracement level of the last upward move from the $170 swing low to $187 high is also near the $178 level. Therefore, a downside break below the $178 support level might spark a strong decline in the short term.

The next main support is near the $175 level, below which there is a risk of a downside extension towards the $170 support and pivot area. The 100 simple moving average (4-hours) is also positioned near the $168-$170 support area.

ETH To $200?

If Ethereum bulls are able to protect the $178 support and the trend line, there are chances of a fresh increase. On the upside, an initial resistance is near the $184 level and a connecting bearish trend line on the same chart.

A successful break above the $184 barrier will most likely open the doors for a larger upward move in the coming sessions. An immediate resistance is near the $187-$188 area. A clear break above $188 is likely to lead the price towards the $200 handle in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently declining and approaching the 50 level.

Major Support Level – $178

Major Resistance Level – $188

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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