Price analysis of Ethereum
Yesterday we saw a new increase above the resistance of $ 180 in Ethereum against the US dollar. The ETH / USD pair was trading above $ 185 and tested the level of $ 188. The pair struggled to maintain a bullish momentum and later corrected below $ 185. There was a break below $ 180. And the Fibonacci correction level 50% of the last wave from a minimum of $ 165. level of 174 dollars made strong support.
- The price of ETH was trading at a new high of 2019 at about $ 188, and recently adjusted lower relative to the US dollar.
- The price-adjusted below the level of $ 180 and tested the key support area of $ 174-175.
- On the ETH / USD hourly chart, there is a main bullish trend line with support at $ 174 (data feed through Kraken).
- The pair is still supported on dips, and in the near future, it can test the level of 188 or even 190 dollars.
The price of Ethereum remained low against the US dollar and Bitcoin. ETH has recently corrected lower but found strong support around $ 174-175.
Price analysis of Ethereum
Yesterday we saw a new increase above the resistance of $ 180 in Ethereum against the US dollar. The ETH / USD pair was trading above $ 185 and tested the level of $ 188. The pair struggled to maintain a bullish momentum and later corrected below $ 185. There was a break below $ 180. And the Fibonacci correction level 50% of the last wave from a minimum of $ 165. level of 174 dollars made strong support.
In addition, the Fibonacci retracement level of 61.8% of the last wave from a minimum of $ 165 to a maximum of $ 188 served as a support. prevented growth. It seems that on the ETH / USD hourly chart there is a connecting bearish line with resistance around $ 182, which is an obstacle. A clear break above the trend line and $ 184 can open doors for further growth.
The next key resistance is near the level of 188 dollars, above which the price is likely to test the level of 190 dollars. On the other hand, there is strong support around 174 and 175 dollars. There is also a main bullish trend line with the support of $ 174 on the same chart. The trend line support around $ 174 also coincides with the 100-hour simple moving average.
Looking at the chart, the price of Ethereum seems to be trading above a couple of important supports around $ 174. While the price stays above $ 174 and the 100-hour SMA, it will probably rebound to $ 184 and $ 188. There is even a chance of a breakthrough above the level of $ 190.
ETH Technical Indicators
Hourly MACD – MACD for ETH / USD is going to return to the bullish zone.
Hourly RSI – RSI for ETH / USD has recently declined and tested a key level of 50.
Main support level – $ 174
The main resistance level is $ 182
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