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Ethereum Classic Price Technical Analysis ETC USD

Ethereum (ETH) Price Above $185 Would Make Case For Larger Rally

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
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  • ETH price is showing positive signs above the $172 and $170 support levels against the US Dollar.
  • The price is currently trading near $180 and it might soon retest the $185 resistance area.
  • Yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is likely to accelerate gains if it succeeds in clearing the $185 resistance area.

Ethereum price is slowly gaining momentum versus the US Dollar, similar to bitcoin. ETH price must break the $185 resistance area to continue higher in the near term.

Ethereum Price Analysis

After struggling near the $185 resistance, Ethereum corrected lower against the US Dollar. ETH price traded below the $180 support area. Moreover, there was a break below the $175 support and the 100 hourly simple moving average. However, the $172 support area remained intact and a low was formed near the $173 level. Recently, the price started a fresh increase and climbed above the $175 level.

Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $185 high to $173 low. The price even climbed above the $180 level and tested the $182 area. It seems like the 61.8% Fib retracement level of the recent decline from the $185 high to $173 low is acting as a resistance. The main resistance is still near the $185 level.

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A successful break and close above the $185 resistance is needed for the bulls to gain momentum. The next key resistances area near the $195 and $200 levels. On the downside, an initial support is near the $176 level and the 100 hourly SMA. More importantly, yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD.

Therefore, dips towards the $175 level remains supported. If there are more downsides, the $172 level might act as a decent support. To move back into a bearish zone, the bears need to push the price below the $170 level in the near term.

Ethereum Price Analysis ETH Chart

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Looking at the chart, Ethereum price is clearly showing a few positive signs above the $172 and $175 support levels. However, the $185 level is a strong hurdle for the bulls. If there is a clear break above the $185 resistance, the price is likely to accelerate towards the $200 level (as discussed in yesterday’s analysis).

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well below the 50 level, with bullish signs.

Major Support Level – $172

Major Resistance Level – $185

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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