- ETH price extended its decline and tested the $170 support area against the US Dollar.
- The price is currently correcting higher, but it is struggling to break the $175 resistance area.
- There was a break above a major declining channel with resistance near $173 on the hourly chart of ETH/USD (data feed via Kraken).
- The bulls need to push the price above $175 and the 100 hourly simple moving average.
Ethereum price is facing hurdles near $175 versus the US Dollar, while bitcoin is consolidating. ETH price could decline again before it attempts a fresh increase.
Ethereum Price Analysis
Yesterday, we saw a bearish reaction in ETH price below the $178 level against the US Dollar. However, bitcoin price remained well bid above the $10,400 and $10,500 support levels. Recently, Ethereum price extended its decline below the $175 level and the 100 hourly simple moving average. Moreover, there was a break below the $172 level and the price tested the $170 support area.
A swing low was formed near $170 and the price is currently correcting higher. It traded above the $172 resistance level. Moreover, the price climbed above the 23.6% Fib retracement level of the downward move from the $183 high to $170 swing low. More importantly, there was a break above a major declining channel with resistance near $173 on the hourly chart of ETH/USD.
However, Ethereum price seems to be facing a strong resistance near the $175 level. Additionally, the 100 hourly simple moving average is also stopping gains near the $175 level. The next key resistance is near the $178 level. It coincides with the 50% Fib retracement level of the downward move from the $183 high to $170 swing low. The main hurdles for the bulls are still near the $180 and $182 levels.
On the downside, an immediate support is near the $172 level. The main support is now near the $170 level, below which there is a risk of another drop towards the $168 support. The next key support is near the $162 pivot level.
Looking at the chart, Ethereum price is clearly struggling to clear the $175 resistance area and the 100 hourly SMA. Therefore, there could be another bearish reaction before the price attempts an upside break above $175. The next key resistances are near the $178 and $180 levels. A convincing close above the $180 level is needed for a sustained upward move.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently placed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a positive bias.
Major Support Level – $170
Major Resistance Level – $178
