- 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.
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.