Ethereum price is currently consolidating gains above the 0 support against the US Dollar.ETH price is facing hurdles near the 0 and 0 resistance levels.There is a breakout pattern forming with resistance near the 8 level on the 4-hours chart (data feed from Coinbase).The price is likely setting up for an upside break above the 0 and 0 levels in the near term.Ethereum price is trading above key supports near 0 against the US Dollar. ETH price could rally significantly if it clears the 0 resistance area.Ethereum Price AnalysisThis past week, there was a downside correction in Ethereum price below the 0 level against the US Dollar. ETH price corrected below the 5 and 4 support levels. Moreover, there was a break below 0 and the 55 simple moving average
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Bena Ilyas writes Spot Bitcoin ETFs Sees 7th Consecutive Day of Outflow Streak
Chimamanda U. Martha writes Australian Regulator Secures First Victory in Non-Cash Payment Case Involving Crypto
Bhushan Akolkar writes US Senators and Lawmakers Have No Issue with Crypto Privacy, Says Railgun Researcher
Mayowa Adebajo writes Dutch Authorities Arrest ZKasino Scam Suspect, Seize .2M
- Ethereum price is currently consolidating gains above the $180 support against the US Dollar.
- ETH price is facing hurdles near the $190 and $200 resistance levels.
- There is a breakout pattern forming with resistance near the $188 level on the 4-hours chart (data feed from Coinbase).
- The price is likely setting up for an upside break above the $190 and $200 levels in the near term.
Ethereum price is trading above key supports near $180 against the US Dollar. ETH price could rally significantly if it clears the $190 resistance area.
Ethereum Price Analysis
This past week, there was a downside correction in Ethereum price below the $190 level against the US Dollar. ETH price corrected below the $185 and $184 support levels. Moreover, there was a break below $180 and the 55 simple moving average (4-hours).
A low was formed near $177 and the price later formed a support base near $180. As a result, there was an upward move above the $182 and $184 levels. Besides, the price climbed above the 50% Fib retracement level of the downward move from the $194 swing high to $177 swing low.
The price is now trading above the $185 level and the 55 simple moving average (4-hours). An immediate resistance is near the $188 and $190 levels for Ethereum.
Additionally, the 61.8% Fib retracement level of the downward move from the $194 swing high to $177 swing low is acting as a major resistance. More importantly, there is a breakout pattern forming with resistance near the $188 level on the 4-hours chart.
Therefore, an upside break above the $188 and $190 levels could open the doors for a decent rally. The next major resistance is near the $200 level. An intermediate resistance for Ethereum price is near the $195 level.
On the downside, an initial support is near the $184 level and the 55 SMA. The main support is near the $181 level and triangle support. If there is a downside break below the $181 and $180 support levels, the price could start an extended decline. The next key support is near the $168 area.
Ethereum Price
Looking at the chart, Ethereum price is clearly facing a lot of hurdles near the $188 and $190 levels. If there is a clear break above the $190 level, the price could resume its upward move. If not, there is a risk of another decline below $180.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently moving nicely in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently stable near the 60 level.
Key Support Levels – $180, followed by the $176 zone.
Key Resistance Levels – $190 and $200.