- Ethereum price is currently correcting lower from the $191 swing high against the US Dollar.
- ETH price is trading below the $175 support, but it is likely to find bids near $163 and $160.
- There is a major bullish trend line forming with support near $160 on the 4-hours chart (data feed from Coinbase).
- The price could climb back above $175 as long as it is above the $160 support area.
Ethereum price is correcting gains after a strong rally to $190 against the US Dollar. ETH/USD is now approaching a couple of key supports near $163 and $160.
Ethereum Price Analysis
After forming a support base above $150, Ethereum price started a strong rally against the US Dollar. ETH price broke the $160 and $165 resistance levels to move into a positive zone.
The price even surged above $180 and settled above the 55 simple moving average (4-hours). The price traded to a new monthly high at $191 and recently started a downside correction.
There was a break below the $184 and $180 levels. The price even traded below the $175 support level, plus the 23.6% Fib retracement level of the last key rise from the $148 swing low to $191 high.
It tested the $170 support and the 55 simple moving average (4-hours). The 50% Fib retracement level of the last key rise from the $148 swing low to $191 high is also acting as a strong support base. The next key support is visible near the $165 and $163 levels.
Moreover, there is a major bullish trend line forming with support near $160 on the 4-hours chart. If Ethereum fails to stay above the $163 support and the trend line, it could continue to decline and likely to turn bearish in the near term.
Conversely, the price might bounce back from the $165 support or the trend line support. On the upside, an initial resistance is near the $175 level (the recent key support). The main hurdle is near the $180 level, above which it could rally above the $185 and $190 levels.
Looking at the chart, Ethereum price is clearly approaching many important supports, staring with $170 and up to $160. As long as there is no close below the $160 support, there are chances of a strong bounce.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is correcting higher towards the 50 level.
Key Support Levels – $163, followed by the $160 zone.
Key Resistance Levels – $175 and $180.