- ETH price is showing positive signs above the $180 pivot level against the US Dollar.
- The price is likely to continue higher above the $184 and $185 resistance levels in the near term.
- There is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD (data feed via Kraken).
- The price could correct a few points, but it remains supported near $178 and $175 in the near term.
Ethereum Price Analysis
In the past few sessions, ETH price remained well bid above the $170 support against the US Dollar. However, bitcoin price remained in a range above the $10,200 support area. Ethereum price is showing positive signs and is trading nicely above the key $175 support area. Moreover, there was a break above the $180 level and the 100 hourly simple moving average.
The last swing high was formed $186 and it is recently corrected lower. There was a break below the $182 support and the 50% Fib retracement level of the last wave from the $176 low to $186 high. Additionally, the price spiked below the $180 support level. However, the $178 level acted as a strong support. Besides, the 76.4% Fib retracement level of the last wave from the $176 low to $186 high acted as a support.
More importantly, there is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD. The trend line and $178 support could act as a strong buy zone. If there is a downside break below $178, the price could continue to move down towards the $175 level. The next key support is near the $173 level. It coincides with the 1.236 Fib extension level of the last wave from the $176 low to $186 high.
On the upside, there are many hurdles near the $184 and $185 levels. If there is an upside break above the $185 resistance, the price could accelerate higher. The next stop for the bulls could be near the $192 and $195 level.
Looking at the chart, Ethereum price is trading with a positive and it seems like the price could accelerate towards the $200 level in the coming sessions. Only a daily close below the $170 level might negate the current bullish bias.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is slowly rising towards the 60 and 65 levels.
Major Support Level – $175
Major Resistance Level – $185