Key Highlights
- ETH price started an upside correction after it found support near $168 against the US Dollar.
- There was a break above a major declining channel with resistance at $183 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to face a strong resistance near the $200 level and the 100 hourly simple moving average.
Ethereum price is slowly recovering against the US Dollar and bitcoin. ETH/USD buyers could face a tough challenge near the $190-200 resistance zone.
Ethereum Price Resistance
Yesterday, we saw a downside break below the $175 level in ETH price against the US Dollar. The ETH/USD pair traded towards the $165 support and found bids near the $168 level. Later, the price started an upside correction and moved back above the $175 level. During the upside, the price also broke the $180 resistance. It opened the doors for a push above the 50% Fib retracement level of the last slide from the $199 high to $168 low.
More importantly, there was a break above a major declining channel with resistance at $183 on the hourly chart of ETH/USD. The price even spiked above the $188-190 resistance zone. However, the price faced a strong resistance near the $192 level and the 100 hourly simple moving average. Moreover, the 76.4% Fib retracement level of the last slide from the $199 high to $168 low is acting as a resistance. It seems like the price could dip a few points back towards the broken channel at $182-183.
Looking at the chart, ETH price is likely to struggle near $192 and the 100 hourly SMA. Above this, the next major hurdle for buyers is near the $200 level. On the downside, the previous resistances near $182, $180 and $175 are likely to act as supports.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI has moved above the 60 level.
Major Support Level – $175
Major Resistance Level – $190
