- ETH started with decent recovery after it tested the $ 180 support area against the US Dollar.
- The price is currently struggling to break a major resistance near the $ 195 level.
- There is a key contracting triangle forming with resistance near $ 194 on the hourly chart of ETH / USD.
- The pair remains at risk of a fresh decline until it breaks the $ 194 and $ 195 resistance levels.
Ethereum is a couple of important resistances versus the US Dollar and bitcoin. ETH could start another bearish wave if its breaks the $ 186 support level.
Ethereum Price Analysis
Recently, price declined sharply below the $ 195 and $ 190 support levels against the US Dollar. Moreover, the price translated below the $ 184 support and tested the $ 180 support. Finally, the bulls managed to protect themselves and the price recently started an upside correction above the $ 185 level. There was a break above the 50% fib retracement level of the last key decline from the $ 204 swing high to $ 180 low.
Additionally, Ethereum managed to climb above the $ 190 resistance and 100 hourly simple moving average. However, the previous major support near $ 195 acted as a strong resistance and prevented further upsides. It seems like the 61.8% fib retracement level of the last key
At the moment, the price is correcting lower towards the $ 190 support. More importantly, there is a key contracting triangle forming with resistance near $ 194 on the hourly chart of ETH / USD. Therefore, the price seems to be preparing for the next break either above the $ 195 resistance or below the $ 188 level. On the upside, a clear break above the $ 195 resistance could push Ether higher in the coming sessions towards $ 200.
Conversely, if there is a downside break below the $ 188 and $ 185 supports, the price is likely to resume its decline. The next major support is near the $ 180 level. If there are additional losses, the price is likely to target the $ 170 support area in the near term.
Looking at the chart, Ethereum is clearly trading near a major resistance at $ 195. He could climb above $ 195 and rise sharply towards the $ 200 and $ 202 resistance levels. On the other hand, the bulls would be struggling and there might be another drop towards the $ 180 level or lower.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly gaining peace in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently sliding towards the 50 level.
Major Support Level – $ 185
Major Resistance Level – $ 195