Ethereum Price (ETH) Eyeing Upside Break, Bitcoin Up 2%
- ETH price stayed above the key $175 support and recovered recently against the US Dollar.
- Bitcoin price is trading nicely and it recently broke the key $10,250 resistance area.
- This week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is trading above the $180 level and it seems like it could continue to rise towards $185.
Ethereum price is trading nicely above $175 versus the US Dollar, while bitcoin jumped above $10,300. ETH price could continue to rise as long as above $175.
Ethereum Price Analysis
Recently, there was a downside correction in ETH price below the $180 support against the US Dollar. However, the $175 level acted as a decent support and prevented further losses. Moreover, bitcoin price held the $10,000 support and it bounced back above $10,250 and $10,300. It helped altcoins in recovering and Ether climbed back above the $178 level.
Additionally, the price broke the $180 level and the 100 hourly simple moving average. During the rise, the price broke the 50% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. More importantly, this week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD.
The price is now trading near the 61.8% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. If there are more upsides, the price could break the $182 resistance level. The next resistance is near the $184 level plus the 76.4% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. However, the main resistance is near still near the $185 level.
A convincing close above the $185 resistance might set the pace for a strong rise in the near term. On the downside, an immediate support is near the $178 level. However, the main support is near the $175 level. If there is a bearish break below the $175 support, there could be more downsides in the coming sessions.
Looking at the chart, Ethereum price is showing a lot of positive signs above $175 and $178. Moreover, bitcoin is gaining pace, which could accelerate gains in Ether as well above $182. Overall, there are chances of more gains as long as there is no close below the $175 support area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope.
Hourly RSI – The RSI for ETH/USD is currently correcting lower and is moving towards the 50 level.
Major Support Level – $175
Major Resistance Level – $185
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Aayush Jindal, Khareem Sudlow
