Ethereum price is struggling to climb above the $192 and $195 resistances against the US Dollar.
It seems like a head and shoulders pattern forming with support near the $188 and $186 levels.
This week’s key bullish trend line is intact with support near $188 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin is still facing a lot of hurdles near the $9,400 and $9,500 resistance levels.
Ethereum price is forming a bearish breakdown pattern versus the US Dollar, while bitcoin is trading below $9,400. ETH price could decline heavily if it breaks $186.
Ethereum Price Analysis
Recently, there was a decent rise in Ethereum above the $188 and $190 resistance levels against the US Dollar. Moreover, ETH price traded above the $192 resistance area and settled above the 100 hourly simple moving average.
However, the price faced a strong resistance near the $195 level and a high was formed near $195. There was a downward move from the $195 and the price traded below the $190 level.
At the outset, Ethereum is holding the $188 and $186 support levels. On the upside, an immediate resistance is near the $192 level. Besides, the 50% Fib retracement level of the recent decline from the $195 high to $188 low is near the $192 zone.
Therefore, an upside break above the $192 level might push the price towards the $195 resistance. An intermediate resistance is near the 76.4% Fib retracement level of the recent decline from the $195 high to $188 low.
On the downside, there are many supports near the $188 and $186 levels. More importantly, this week’s key bullish trend line is intact with support near $188 on the hourly chart of ETH/USD.
It seems like there is a head and shoulders pattern forming with support near the $188 and $186 levels. Thus, if there is a bearish break below the $186 support, the price could start a fresh decline in the near term.
The next key support is near the $185 level. Any further losses are likely to push the price back towards the main $178 support area.
Ethereum Price
Looking at the , Ethereum price seems to be preparing for the next move, with key supports near $186 and the 100 hourly simple moving average. If the highlighted head and shoulders pattern plays well, the price could decline towards the $180 and $178 support levels in the short term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and it is well below the 50 level.
Major Support Level – $186
Major Resistance Level – $192
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.
