Ethereum price is holding the 8 support area and correcting higher against the US Dollar.ETH price is facing a strong resistance near the 8 and 0 levels.There is a crucial bearish trend line forming with resistance near 8 on the 4-hours chart (data feed from Coinbase).The price is likely to start a strong rise if it clears the 8 and 0 resistance levels in the near term.Ethereum price is facing a significant hurdle near 0 against the US Dollar. ETH price must stay above the 8 support to surpass the 0 barrier.Ethereum Price AnalysisThis past week, there was a steady decline in Ethereum price below the 5 support against the US Dollar. Moreover, ETH price even settled below the 0 support and the 55 simple moving average (4-hours).However, the 8 support area
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
Bilal Hassan writes FTX Announces January 2025 as Effective Date for Reorganization Plan
- Ethereum price is holding the $168 support area and correcting higher against the US Dollar.
- ETH price is facing a strong resistance near the $178 and $180 levels.
- There is a crucial bearish trend line forming with resistance near $178 on the 4-hours chart (data feed from Coinbase).
- The price is likely to start a strong rise if it clears the $178 and $180 resistance levels in the near term.
Ethereum price is facing a significant hurdle near $180 against the US Dollar. ETH price must stay above the $168 support to surpass the $180 barrier.
Ethereum Price Analysis
This past week, there was a steady decline in Ethereum price below the $185 support against the US Dollar. Moreover, ETH price even settled below the $180 support and the 55 simple moving average (4-hours).
However, the $168 support area acted as a strong hurdle for the bears. A swing low was formed near $168 and the price recently started an upside correction. It recovered above the $174 level, plus the 23.6% Fib retracement level of the downward move from the $188 high to $168 low.
On the upside, Ethereum is facing a major resistance near the $178 level and the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the downward move from the $188 high to $168 low is near the $168 resistance.
More importantly, there is a crucial bearish trend line forming with resistance near $178 on the 4-hours chart. Therefore, a clear break above the $178 and $180 resistance levels is must for a fresh increase in the near term. In the mentioned case, the price is likely to climb towards the $188 swing high. The next resistance is near $194, which coincides with the 1.236 Fib extension level of the downward move from the $188 high to $168 low.
Conversely, the price could fail to climb above $180 and start a fresh decline. An immediate support is near the $172 level. If the price fails struggles to stay above $172, there is a risk of a drop towards the $168 support area. Any further losses may perhaps push the price towards the $160 level.
Ethereum Price
Looking at the chart, Ethereum price is clearly facing a significant hurdle near the $178 and $180 levels. It could both surpass the $180 resistance and rise towards the $190 level or it might break the main $168 support area.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is well above the 50 level.
Key Support Levels – $172, followed by the $168 zone.
Key Resistance Levels – $180 and $188.