Ethereum price failed to continue above $190 and declined below $188 against the US Dollar.
The price is currently correcting higher, but it is likely to face resistance near $187-$188.
There is a connecting bearish trend line forming with resistance near $187 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin is trading with a bearish angle below the $8,950 and $9,000 resistance levels.
Ethereum price is trading in a broad range versus the US Dollar, while bitcoin is struggling. ETH price might revisit the $182 range support area in the near term.
Ethereum Price Analysis
Yesterday, there was a decent increase in Ethereum above the $188 resistance against the US Dollar. ETH even surpassed the $190 resistance area and the 100 hourly simple moving average.
However, the price struggled to gain strength above $190 and formed a high near the $192 level. Later, there was a downward move below the $188 support area and the 100 hourly simple moving average.
Moreover, the price traded below the 50% Fib retracement level of the upward move from the $180 swing low to $192 high. The bulls even failed to defend the $185 support and the price tested the $183 area.
Ethereum is currently correcting higher and trading near the $186 level. Additionally, it is trading near the 23.6% Fib retracement level of the recent decline from the $192 high to $184 swing low.
On the upside, an immediate resistance is near the $187 level. More importantly, there is a connecting bearish trend line forming with resistance near $187 on the hourly chart of ETH/USD, coinciding with the 100 hourly SMA.
If there is an upside break above the trend line and the 100 hourly SMA, the price could test the $188 resistance area. Any further gains may perhaps push the price towards the $192 swing high in the near term.
Conversely, the price could decline further if it fails to clear the $188 resistance. An immediate support is near the $184 level. The main supports are near the $182 and $180 levels, below which the bears are likely to gain strength.
Ethereum Price
Looking at the , Ethereum price seems to be trading in a broad range between $180 and $190. A successful close on the either side could trigger the next move. As long as there is no daily close below $180, there are chances of a fresh increase towards $200 and $205.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is likely to clear the 50 level.
Major Support Level – $182
Major Resistance Level – $188
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
Read more
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
