- Ethereum price is under pressure and it could slide towards the $175 support against the US Dollar.
- Bitcoin is currently correcting higher and it recently tested the $9,000 support area.
- There was a break below a key bullish trend line with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently consolidating near $182 and it could decline towards the $175 support.
Ethereum price is struggling to continue higher versus the US Dollar, similar to bitcoin. ETH price might revisit the $175 support area before it could climb again.
Ethereum Price Analysis
After climbing above the $190 level, Ethereum failed to clear the $194 and $195 resistances against the US Dollar. A swing high was formed near $194 and the price declined below the $190 support.
Furthermore, there was a close below the $190 support and the 100 hourly simple moving average. It opened the doors for more losses below the $185 level. More importantly, there was a break below a key bullish trend line with support near $186 on the hourly chart of ETH/USD.
Finally, the price spiked below the $180 support and traded as low as $179. At the moment, the price is correcting higher above the $180 level. It broke the 23.6% Fib retracement level of the recent decline from the $194 high to $179 swing low.
However, the $185 level and the 100 hourly SMA are acting as resistances. On the upside, the next resistance is near the $186 level. It represents the 50% Fib retracement level of the recent decline from the $194 high to $179 swing low.
If there is an upside break above $186, the price could test the $190 resistance area. Any further gains might push the price towards the $195 level. An intermediate resistance is near the 76.4% Fib retracement level of the recent decline from the $194 high to $179 swing low.
On the downside, the $180 level is an initial support. If there are more downsides, the price could test the main $175 support area, where the bulls are likely to take a stand.
Looking at the chart, Ethereum price is showing a lot of positive signs above the $175 support, but it might dip further in the short term. Having said that, the price is likely to bounce back above $190 as long as there is no daily close below $175.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting moving higher and it might soon climb above the 50 level.
Major Support Level – $175
Major Resistance Level – $190
Author: Aayush Jindal