- ETH price recovered nicely above the $172 and $175 resistance levels against the US Dollar.
- The price is currently struggling to break an important resistance area near the $180 level.
- There is a new key bullish trend line forming with support near $175 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price surged more than 6% in the past few hours and broke the main $10,000 resistance.
Ethereum price is testing key resistance after a decent rally versus the US Dollar, and bitcoin is up 6%. ETH price seems to be struggling near $180 and is correcting lower.
Ethereum Price Analysis
Yesterday, we discussed a few key resistances for ETH price near the $172 and $175 levels against the US Dollar. The price rallied recently and broke the $175 resistance level. Moreover, there was a close above the $175 level and the 100 hourly simple moving average. More importantly, bitcoin price performed really well and surged above the $10,000 and $10,200 resistance levels.
However, Ethereum price ran into a crucial resistance area near $180 (as discussed in the weekly forecast). It faced a strong resistance and failed to continue higher above $180. A swing high was formed near $182 and the price is currently correcting gains. It traded below the 23.6% Fib retracement level of the recent rally from the $168 swing low to $182 high.
On the downside, there are a couple of important supports near the $175 level. Additionally, there is a new key bullish trend line forming with support near $175 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent rally from the $168 swing low to $182 high is also waiting near the trend line support. Therefore, the $175 level might act as a strong support in the near term.
If the price fails to stay above the $175 support, it could decline further towards the $173 level and the 100 hourly simple moving average. On the upside, the main resistance is near the $180 and $182 levels. A successful close above $180 is needed for bullish continuation. The next key resistances are near the $190 and $192 levels.
Looking at the chart, Ethereum price is clearly retreating from the $180 resistance level. On the downside, the $175 level holds the key. If the price fails to bounce back from $175, it might resume its decline in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.
Major Support Level – $175
Major Resistance Level – $180-$182
