ETH price is showing positive signs above the $172 and $170 support levels against the US Dollar. The price is currently trading near $180 and it might soon retest the $185 resistance area.Yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD (data feed via Kraken). The price is likely to accelerate gains if it succeeds in clearing the $185 resistance area.
Ethereum price is slowly gaining momentum versus the US Dollar, similar to bitcoin. ETH price must break the $185 resistance area to continue higher in the near term.
Ethereum Price AnalysisAfter struggling near the $185 resistance, Ethereum corrected lower against the US Dollar. ETH price traded below the $180 support area. Moreover, there was a break below the $175 support and the 100 hourly simple moving average.
However, the $172 support area remained intact and a low was formed near the $173 level. Recently, the price started a fresh increase and climbed above the $175 level.Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $185 high to $173 low. The price even climbed above the $180 level and tested the $182 area. It seems like the 61.8% Fib retracement level of the recent decline from the $185 high to $173 low is acting as a resistance. The main resistance is still near the $185 level.A successful break and close above the $185 resistance is needed for the bulls to gain momentum.
The next key resistances area near the $195 and $200 levels. On the downside, an initial support is near the $176 level and the 100 hourly SMA. More importantly, yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD.Therefore, dips towards the $175 level remains supported. If there are more downsides, the $172 level might act as a decent support. To move back into a bearish zone, the bears need to push the price below the $170 level in the near term.
Looking at the chart, Ethereum price is clearly showing a few positive signs above the $172 and $175 support levels. However, the $185 level is a strong hurdle for the bulls. If there is a clear break above the $185 resistance, the price is likely to accelerate towards the $200 level (as discussed in yesterday’s analysis).
ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently well below the 50 level, with bullish signs.Major Support Level – $172Major Resistance Level – $185