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Key points
- The ETH price found support near the $ 165 level and subsequently recovered slightly against the US dollar.
- There was a break above a short-term bearish trend line with resistance to $ 173 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair could trade over $ 180, but could face strong resistance near the $ 186 level.
The price of Ethereum is currently consolidating against the US dollar and bitcoin. The ETH / USD should face strong resistance near the $ 186 and $ 190 levels.
Price analysis of Ethereum
Yesterday we witnessed an important downward movement below the $ 170 level of the ETH price compared to the US dollar. The ETH / USD pair traded at a low of $ 165 and subsequently started a short-term recovery. It exceeded $ 170 and $ 175 and then began to consolidate within a narrow range. The price also moved above the Fib retracement level of 23.6% from the last decline, from $ 210 swing to $ 165 low.
More importantly, there was a break above a short-term bearish trend line with resistance to $ 173 on the hourly chart of Eth / USD. The pair is currently struggling to clear the resistance area of $ 180. Over $ 180, the next resistance is close to the $ 186 level. It represents the 50% fiber retracement level of the last decline from minimum of $ 208 oscillating to $ 165 low. Therefore, if the price continues to move higher, it is likely that it will face a strong selling interest close to $ 180 or $ 186. A close above $ 186 could open the door to a push towards $ 200.
Looking at the chart, the ETH price shows positive signs above the 170 level, but it will not be easy for buyers. On the downside, initial support is $ 172 followed by $ 170. If there is a break below the recent $ 165 minimum, the price may fall to $ 160.
MACD time – The MACD is currently positioned in the bullish zone.
RSI timetable – The RSI managed to overcome level 50.
Main support level: $ 170
Main resistance level: $ 186
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