- Ethereum price is currently consolidating losses above the key $175 support area against the US Dollar.
- Bitcoin price is struggling to hold the key $8,250 and $8,200 support levels.
- There is a key bearish trend line forming with resistance near $184 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely preparing for the next move either above $184 or towards $165 in the near term.
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 MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is just above the 50 level.
Major Support Level – $178
Major Resistance Level – $185
