- ETH price declined recently below the $188 and $186 support levels against the US Dollar.
- The price is still trading above the key $180 and $178 support levels.
- There is a crucial bullish trend line forming with support near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase as long as there is no daily close below the $178 support.
Ethereum Price Weekly Analysis
This past week, Ethereum started a slow and steady decline from well above $190 against the US Dollar. More importantly, ETH traded below the key $188 support to move into a short term bearish zone.
Moreover, there was a break below the key $186 support area. Finally, the price spiked below the $182 support and the 100 simple moving average (4-hours). However, the bears failed to gain strength below $180.
As a result, Ethereum recovered above $182 and 100 simple moving average (4-hours). Besides, it traded above the 23.6% Fib retracement level of the downward move from the $194 swing high to $180 low.
The price even climbed above a connecting bearish trend line with resistance near $184 on the 4-hours chart of ETH/USD. At the moment, the price is consolidating above the $182 level and the 100 SMA.
An immediate resistance is near the $188 area (the previous support). Additionally, the 50% Fib retracement level of the downward move from the $194 swing high to $180 low is also near the $188 level.
Therefore, an upside break above the $188 resistance could push the price further higher. The next key resistance is near the $194 area. Any further upsides may perhaps set the pace for a break above the $200 barrier.
On the downside, there are many key supports near the $180 and $178 levels. Furthermore, there is a crucial bullish trend line forming with support near $180 on the same chart. Only a daily close below the $178 support could start another downward move towards the $160 level.
The above chart indicates that Ethereum price is clearly holding a couple of important uptrend supports near the $178 level. Thus, there are chances of a fresh increase above the $185 and $188 levels unless there is a clear break below $178.
4 hours MACD – The MACD for ETH/USD is about to move into the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently below the 50 level, with a few bullish signs.
Major Support Level – $178
Major Resistance Level – $188
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