Ethereum (ETH) Consolidating Below $190, Bitcoin Holding $9K
- Ethereum price is facing a lot of hurdles on the upside near $185 and $186 against the US Dollar.
- Bitcoin is somehow holding the key $9,000 and $8,960 support levels.
- There is a key bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is mostly trading in a range above the $178 support and below the $186 resistance.
Ethereum price is facing an uphill task versus the US Dollar, similar to bitcoin. ETH price could continue to trade in a range before the next move either above $186 or below $178.
Ethereum Price Analysis
In the past few sessions, Ethereum was seen trading in a range above the $178 support against the US Dollar. ETH price made a couple of attempts to start a fresh increase, but it faced a strong resistance near the $185 and $186 levels.
The last swing high was near $186 before the price declined below the $182 and $180 levels. Moreover, there was a close below the $182 support and the 100 hourly simple moving average. A low was formed near $179 and the price is currently correcting higher.
It surpassed the 23.6% Fib retracement level of the recent decline from the $186 high to $179 low. However, the $182 level and the 100 hourly SMA are acting as a strong hurdle for the bulls.
Additionally, the 50% Fib retracement level of the recent decline from the $186 high to $179 low is acting as a resistance. More importantly, there is a key bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD.
Therefore, an upside break above the $182 resistance might push Ethereum price higher. On the upside, the main resistances are near $185 and $186. A clear break above $186 is needed for upside acceleration in the near term.
On the downside, an immediate support is near the $180 level. If there are more downsides, the price could revisit the range support area near the $178 level. A clear break below the $178 support could spark more losses towards $175 and $170.
Looking at the chart, Ethereum price is trading in a range above the $178 support and below the $186 resistance. It may perhaps continue to trade in a range before the next move, which could be either towards the $200 barrier or the $165 support area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently recovering, but it is still below the 50 level.
Major Support Level – $178
Major Resistance Level – $185
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Aayush Jindal, Khareem Sudlow