- 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.
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.
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
