HomeAltcoin NewsEthereum Price Analysis: ETH Could Struggle To Continue Higher

Ethereum Price Analysis: ETH Could Struggle To Continue Higher

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  • Ethereum price started an upside correction after trading as low as $152 against the US Dollar.
  • ETH price is currently trading above $175, but it is facing a strong resistance near $185 and $188.
  • There is a crucial bearish trend line forming with resistance near $188 on the 4-hours chart (data feed from Coinbase).
  • The price is likely to struggle to surpass the key $185 and $188 resistance levels in the near term.

Ethereum price is climbing towards a major resistance near $185-$188 against the US Dollar. ETH price could start a fresh decrease if it fails to clear $188.

Ethereum Price Analysis

This past week, we saw a nasty decline in Ethereum price below the $200 and $185 supports against the US Dollar. The ETH/USD pair even settled below the $185 support and the 55 simple moving average (4-hours). Moreover, there was a break below the $165 support and the price traded to a new monthly low at $152. Recently, there was an upside correction initiated above the $155 and $165 levels.

The price climbed above the 23.6% Fib retracement level of the last major decline from the $225 high to $152 low. Additionally, the price broke the $175 resistance and the 55 simple moving average (4-hours). At the moment, the price is testing an important resistance area near the $185 level. More importantly, the 50% Fib retracement level of the last major decline from the $225 high to $152 low is at $188.

There is also a crucial bearish trend line forming with resistance near $188 on the 4-hours chart. Therefore, the price is likely to face a strong resistance near the $185 and $188 levels. If there is a successful close above the trend line and $188, the price could recover further towards the $198 and $200 resistance levels. Moreover, the 61.8% Fib retracement level of the last major decline from the $225 high to $152 low is at $197.

Conversely, the price could restart its decline if it fails to climb above $185 or $188. An initial support is near the $175 level. If the price fails to hold the $175 support, it could decline towards the $165 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is facing a strong resistance near the $185 and $188 levels. There are chances of an upside break, but it won’t be easy for the bulls to gain strength above $185.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently correcting towards the 50 level.

Key Support Levels – $175, followed by the $165 zone.

Key Resistance Levels – $188 and $200.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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