- ETH price declined to a new monthly low at $173 and recently recovered against the US Dollar.
- There was a break above the $180 and $182 resistance levels.
- This week’s followed major bearish trend line is in place with resistance near $202 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to face a strong resistance near the $190 and $195 levels.
Ethereum price is currently recovering from new lows versus the US Dollar, while struggling vs bitcoin price. ETH price might continue to slide if it fails to surpass $195.
Ethereum Price Analysis
Yesterday, there was a nasty decline in bitcoin price below the $10,000 support. ETH price also declined heavily below the $200 and $190 support levels. Later, the price gained bearish momentum below the $185 support level. Moreover, there was a break below the $180 level and a close below the 100 hourly simple moving average. Finally, the price traded to a new swing low at $174 and recently started an upside correction.
There was a break above the 23.6% Fib retracement level of the downward move from the $210 high to $174 low. Moreover, the price is currently showing positive signs above the $182 and $185 levels. However, there are many important resistances on the upside near the $190 and $192 levels. Besides, the 50% Fib retracement level of the downward move from the $210 high to $174 low is also near the $192 level.
If there is an upside break above $192, the price could correct higher towards the $195 resistance. The main resistance is near the $200 area (the previous support zone). More importantly, this week’s followed major bearish trend line is in place with resistance near $202 on the hourly chart of ETH/USD. Therefore, the price is likely to face many hurdles on the upside, starting with $190 and up to $200.
On the downside, an initial support is near the $182 level, below which the price might even trade below $180. The main support is near the $174-$175 area. If there are more downside, the price could slide significantly.
Looking at the chart, Ethereum price is facing many barriers on the upside near $190. However, there are chances of a short term recovery above the $190 level. The target could be near the $200 level, where the bears are likely to appear again. Conversely, a break below the $182 and $175 supports may call for a drop to $162.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently struggling to stay above the 50 level.
Major Support Level – $182
Major Resistance Level – $192
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