- ETH price found support near the $165 level and later recovered slightly against the US Dollar.
- There was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could trade above $180, but it could face a strong resistance near the $186 level.
Ethereum price is currently consolidating against the US Dollar and bitcoin. ETH/USD is likely to face a strong resistance near the $186 and $190 levels.
Ethereum Price Analysis
Yesterday, we saw a major downside move below the $170 level in ETH price against the US Dollar. The ETH/USD pair traded as low as $165 and later started a short term recovery. It moved above the $170 and $175 levels and later started consolidating in a tight range. The price also moved above the 23.6% Fib retracement level of the last decline from the $208 swing high to $165 low.
More importantly, there was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETH/USD. The pair is currently struggling to clear the $180 resistance area. Above $180, the next resistance is near the $186 level. It represents the 50% Fib retracement level of the last decline from the $208 swing high to $165 low. Therefore, if the price continues to move higher, it is likely to face a strong selling interest near $180 or $186. A close above $186 may open the doors for a push towards $200.
Looking at the chart, ETH price is showing positive signs above the 170 level, but it won’t be easy for buyers. On the downside, an initial support is at $172 followed by $170. If there is a break below the recent low of $165, the price could drop to $160.
Hourly MACD – The MACD is currently placed in the bullish zone.
Hourly RSI – The RSI managed to move above the 50 level.
Major Support Level – $170
Major Resistance Level – $186
Author: Aayush Jindal