- ETH price corrected higher from the $152 low and traded above $165 against the US Dollar.
- The price is currently struggling to break the $172 and $175 resistance levels.
- Yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).
- The price remains at a risk of another drop below the $165 and $160 support levels in the near term.
Ethereum price is facing a strong resistance near $175 versus the US Dollar, while bitcoin is bleeding. ETH price is likely to resume its decline if it breaks $165 and $160.
Ethereum Price Analysis
Yesterday, we saw a nasty decline in bitcoin, Ethereum, ripple, and major other cryptocurrencies against the US Dollar. ETH price nosedived below the $185 support and traded close to the $150 level. Moreover, there was a close below the $180 level and the 100 hourly simple moving average. A swing low was formed near $152 and the price recently started an upside correction.
It recovered above the $160 and $165 levels. Additionally, there was a break above the 23.6% Fib retracement level of the last decline from the $211 high to $152 low. The price even traded above the $170 level. However, it struggled to clear the $175 level. It seems like yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD.
If the price breaks the trend line resistance and $175, there could be a decent recovery. The next key resistance is near the $182 level. It coincides with the 50% Fib retracement level of the last decline from the $211 high to $152 low. However, the main resistance for a trend change is near the $185 level. The stated $185 level has acted as a support and resistances on many occasions. Therefore, a close above $185 is needed for a strong recovery.
On the other hand, the price could resume its decline below $165. An immediate support is near the $160 level. If there is a downside break below the $160 level, the price could accelerate towards the $150 level in the coming sessions.
Looking at the chart, Ethereum price is clearly facing a lot of hurdles on the upside near the $175 and $185 levels. As long as the price is trading below both $175 and $185, it remains at a risk of a fresh decline towards $150 or even lower.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 40 level.
Major Support Level – $160
Major Resistance Level – $175