- Ethereum price is currently correcting higher, but it is facing a strong resistance near $180 against the US Dollar.
- Bitcoin price is up more than 1.5%, but it is also facing resistance $8,120 and $8,200.
- This week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is clearly facing a strong resistance near the $180 level and the 100 hourly SMA.
Ethereum price is currently recovering higher versus the US Dollar, similar to bitcoin. However, ETH price must settle above $180 to continue higher in the near term.
Ethereum Price Analysis
Yesterday, we saw an extended decline in Ethereum below the $180 support against the US Dollar. Moreover, ETH price settled below the $180 support and the 100 hourly simple moving average. The decline was such that the price traded close to the $170 level. A swing low was formed near $171 before the price started an upside correction. It recovered above the $174 and $175 resistances.Additionally, this week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the last decline from the $188 high to $171 low. Finally, the price spiked above the $178 resistance area. However, the upward move is facing hurdle near the $180 resistance and the 100 hourly simple moving average.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 50 level.