- Ethereum price surged higher this past week and broke the $175 and $182 resistances against the US Dollar.
- ETH traded as high as $187 and later started a downside correction below the $180 level.
- There is a crucial bullish trend line in place with support at $172 on the 4-hours chart (data feed from Coinbase).
- The price remains in a decent uptrend and it could resume its upward move as long as it is above $170.
Ethereum price is trading with bullish moves above the $170 support against the US Dollar. ETH could bounce back and trade towards the $185 and $190 resistance levels in the near term.
Ethereum Price Analysis
This past week, we saw a solid bullish moves in Ethereum price above the $144 resistance against the US Dollar. The ETH/USD pair formed a strong support base above the $144 level and later rallied above the $158 resistance. There was even a close above the $158 level and the 55 simple moving average (4-hours). The price climbed higher sharply above the $165, $175 and $180 resistance levels. A fresh 2019 high was formed at $187.64 before the price started a downside correction.
It traded below the $180 level and the 23.6% Fib retracement level of the recent wave from the $165 swing low to $188 swing high. There was even a spike below the $178 level and the 50% Fib retracement level of the recent wave from the $165 swing low to $188 swing high. However, there is a strong support formed near the $173 and $172 levels. There is also a crucial bullish trend line in place with support at $172 on the 4-hours chart.
The trend line support coincides with the 61.8% Fib retracement level of the recent wave from the $165 swing low to $188 swing high. Therefore, the price is likely to find a significant support near the $172-173 area. If there is a downside break below $172 and $170, the price may decline further towards the $160 level. On the other hand, it could bounce back and trade above the $180 and $185 resistance levels.
Looking at the chart, Ethereum price is clearly trading in an uptrend above the $170 support area. As long as there is no close below $170, the price is likely to bounce back above $185. It could even trade above the $188 swing high and climb to a new 2019 high.
Technical indicators
4 hours MACD – The MACD for ETH/USD recently reduced its bullish slope.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently moving lower towards the 55 level.
Key Support Levels – $172, followed by the $170 zone.
Key Resistance Levels – $180 and $185.
