- Ethereum price is currently consolidating gains above the $180 support against the US Dollar.
- ETH price is facing hurdles near the $190 and $200 resistance levels.
- There is a breakout pattern forming with resistance near the $188 level on the 4-hours chart (data feed from Coinbase).
- The price is likely setting up for an upside break above the $190 and $200 levels in the near term.
Ethereum price is trading above key supports near $180 against the US Dollar. ETH price could rally significantly if it clears the $190 resistance area.
Ethereum Price Analysis
This past week, there was a downside correction in Ethereum price below the $190 level against the US Dollar. ETH price corrected below the $185 and $184 support levels. Moreover, there was a break below $180 and the 55 simple moving average (4-hours).
A low was formed near $177 and the price later formed a support base near $180. As a result, there was an upward move above the $182 and $184 levels. Besides, the price climbed above the 50% Fib retracement level of the downward move from the $194 swing high to $177 swing low.
The price is now trading above the $185 level and the 55 simple moving average (4-hours). An immediate resistance is near the $188 and $190 levels for Ethereum.
Additionally, the 61.8% Fib retracement level of the downward move from the $194 swing high to $177 swing low is acting as a major resistance. More importantly, there is a breakout pattern forming with resistance near the $188 level on the 4-hours chart.
Therefore, an upside break above the $188 and $190 levels could open the doors for a decent rally. The next major resistance is near the $200 level. An intermediate resistance for Ethereum price is near the $195 level.
On the downside, an initial support is near the $184 level and the 55 SMA. The main support is near the $181 level and triangle support. If there is a downside break below the $181 and $180 support levels, the price could start an extended decline. The next key support is near the $168 area.
Looking at the chart, Ethereum price is clearly facing a lot of hurdles near the $188 and $190 levels. If there is a clear break above the $190 level, the price could resume its upward move. If not, there is a risk of another decline below $180.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently moving nicely in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently stable near the 60 level.
Key Support Levels – $180, followed by the $176 zone.
Key Resistance Levels – $190 and $200.
