- Ethereum price is holding the $168 support area and correcting higher against the US Dollar.
- ETH price is facing a strong resistance near the $178 and $180 levels.
- There is a crucial bearish trend line forming with resistance near $178 on the 4-hours chart (data feed from Coinbase).
- The price is likely to start a strong rise if it clears the $178 and $180 resistance levels in the near term.
Ethereum price is facing a significant hurdle near $180 against the US Dollar. ETH price must stay above the $168 support to surpass the $180 barrier.
Ethereum Price Analysis
This past week, there was a steady decline in Ethereum price below the $185 support against the US Dollar. Moreover, ETH price even settled below the $180 support and the 55 simple moving average (4-hours).
However, the $168 support area acted as a strong hurdle for the bears. A swing low was formed near $168 and the price recently started an upside correction. It recovered above the $174 level, plus the 23.6% Fib retracement level of the downward move from the $188 high to $168 low.
On the upside, Ethereum is facing a major resistance near the $178 level and the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the downward move from the $188 high to $168 low is near the $168 resistance.
More importantly, there is a crucial bearish trend line forming with resistance near $178 on the 4-hours chart. Therefore, a clear break above the $178 and $180 resistance levels is must for a fresh increase in the near term. In the mentioned case, the price is likely to climb towards the $188 swing high. The next resistance is near $194, which coincides with the 1.236 Fib extension level of the downward move from the $188 high to $168 low.
Conversely, the price could fail to climb above $180 and start a fresh decline. An immediate support is near the $172 level. If the price fails struggles to stay above $172, there is a risk of a drop towards the $168 support area. Any further losses may perhaps push the price towards the $160 level.
Looking at the chart, Ethereum price is clearly facing a significant hurdle near the $178 and $180 levels. It could both surpass the $180 resistance and rise towards the $190 level or it might break the main $168 support area.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is well above the 50 level.
Key Support Levels – $172, followed by the $168 zone.
Key Resistance Levels – $180 and $188.
