Image default
Analysis eth Ethereum Technical

Ethereum (ETH) Breaks Range Resistance But Bitcoin Still Struggling


  • Ethereum price climbed above the key $185 resistance area against the US Dollar.
  • Bitcoin price is still struggling to recover and is facing a strong resistance near $8,400.
  • There was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently consolidating above $185 and it could rise towards $192 or $195.

Ethereum price is showing positive signs versus the US Dollar and bitcoin. ETH price must stay above $185 to continue higher in the near term.

Ethereum Price Analysis

Yesterday, we saw range moves in Ethereum above the $175 and $178 supports against the US Dollar. Finally, the price formed a support base above $180 and later managed to climb higher. It surpassed the $185 resistance area to start the current recovery. Moreover, there was a close above the $185 level and the 100 hourly simple moving average.

During the rise, there was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD. The pair tested the $188 area and it is currently correcting gains. At the moment, the price is trading below the 23.6% Fib retracement level of the recent wave from the $180 swing low to $188 high. On the downside, there is a strong support forming near the $185 level (the previous resistance).

Moreover, the 50% Fib retracement level of the recent wave from the $180 swing low to $188 high is also positioned near the $185 level. The next key support is near the $184 level and the 100 hourly simple moving average. If there is a downside break and close below the $184 support area, Ethereum price could move back into a bearish zone. In the mentioned case, the price is likely to revisit the $178 support.

On the upside, the $188 level is an initial hurdle for the bulls. A successful break above the $188 level could push the price towards the $192 resistance. Any further upsides may perhaps call for a push towards the $195 resistance area.

Looking at the chart, Ethereum price is showing positive signs above the $185 level, while bitcoin is still facing a strong resistance near $8,400. As long as ETH is above $184, there are chances of more gains in the near term. The bulls are likely to target $192 or $195. Conversely, the price could revisit $178 if it breaks $184.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $184

Major Resistance Level – $192



Source link

Related posts

Ripple Price (XRP) Rallies Significantly To Start Massive Uptrend

meteorcrypto

Ripple–SWIFT Direct Partnership Slim, MD Points at Hard Numbers

meteorcrypto

Litecoin Price (LTC) Technicals Weak, Bitcoin Dragging Market Lower

meteorcrypto