- The ETH price is forming a decent support above the $ 165 level against the US dollar.
- There is a downtrend line in place with resistance at $ 193 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair can slowly correct higher towards the resistance levels $ 188, $ 192 and $ 194.
The price of Ethereum is traded in a range with respect to the US dollar and Bitcoin. The ETH / USD could trade higher towards the resistance area $ 192-194 in the short term.
Price analysis of Ethereum
Last week, we saw a sharp fall from the $ 223 bump in the ETH price compared to the US dollar. The ETH / USD pair fell below support levels $ 212, $ 200, $ 196 and $ 180. The price was traded near the $ 165 level and formed a monthly low. Subsequently, the price started a short-term recovery and moved above the resistance of $ 170. However, the price struggled to break resistance $ 178-179. Represents the Fib retracement level of 23.6% from the last drop from the $ 223 up to $ 165 down.
It seems that the price can consolidate in the short term above the $ 165 level. Subsequently, it could exceed the resistance $ 178-179 to extend the recovery. However, there is a large resistance waiting on the upside near the $ 192-194 area. In addition, there is a bearish trend line in place with resistance to $ 193 on the 4-hour chart of Eth / USD. The trend line coincides with the 50% fiber retracement level of the last decline from $ 223 up to $ 165 down. Furthermore, the simple moving average of 100 on the same chart is close to $ 194-195.
The chart above indicates that the ETH price is likely to be prepared for an extended correction above $ 179. However, the positives will most likely face sellers close to $ 194. Finally, the price may decline again towards $ 170 and $ 165.
4-hour MACD: the MACD is slightly positioned in the bullish zone.
4-hour RSI – The RSI is currently moving higher towards level 50.
Main support level: $ 165
Main resistance level – $ 194