HomeAltcoin NewsEthereum Price Analysis: ETH Recovery Reaches Crucial Turning Point

Ethereum Price Analysis: ETH Recovery Reaches Crucial Turning Point

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  • Ethereum price started a solid recovery after it traded as low as $163 against the US Dollar.
  • ETH price is currently trading near a major resistance area close to the $180 level.
  • There is a crucial bearish trend line forming with resistance near $181 on the 4-hours chart (data feed from Coinbase).
  • The price could either restart its downtrend or it might climb further above $180 and $185.

Ethereum price is rebounding above the $175 level against the US Dollar. However, ETH price must break the $180-$181 resistance are to continue higher.

Ethereum Price Analysis

This past week, Ethereum price extended its decline below the key $180 and $175 supports against the US Dollar. The ETH/USD pair even broke the $170 support and the 55 simple moving average (4-hours). Finally, the price traded towards $160 and formed a swing low at $163. Later, there was a decent support base formed above the $163 and $165 levels.

As a result, the price started an upside correction above the $170 resistance. Moreover, there was a break above the 23.6% Fib retracement level of the last key decline from the $194 high to $163 low. The price even climbed above the $175 level and the 55 simple moving average (4-hours). However, the upward move was capped by the main $180 and $181 resistance levels.

Additionally, there is a crucial bearish trend line forming with resistance near $181 on the 4-hours chart. It seems like the price is struggling above the 50% Fib retracement level of the last key decline from the $194 high to $163 low. Therefore, a convincing close above the trend line and $182 is needed for more gains in the coming sessions. The next key resistance is at $188 plus the 76.4% Fib retracement level of the last key decline from the $194 high to $163 low.

Conversely, the price could start a fresh decline if there is no upside break above $180 and $181. An initial support is near the $175 level. If there are more downsides, the price could correct towards the $170 support level in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is trading near a major turning point at $180 and $181. A successful close above $182 is needed for bullish continuation. If not, the price is likely to resume its downtrend below the $175 and $170 levels in the near term.

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 60 level.

Key Support Levels – $175, followed by the $170 zone.

Key Resistance Levels – $182 and $188.

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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