HomeAltcoin NewsEthereum Price Analysis: ETH Trading Above Key Supports

Ethereum Price Analysis: ETH Trading Above Key Supports

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  • Ethereum price is struggling to surpass the $192 and $194 resistance levels against the US Dollar.
  • ETH price is somehow holding the key $182 and $180 support levels.
  • There is a major bullish trend line forming with support near the $184 level on the 4-hours chart (data feed from Coinbase).
  • The price could start a sharp decline if it fails to stay above the $182 and $180 support levels.

Ethereum price is showing a few bearish signs below $192 against the US Dollar. However, ETH price is still trading above the main $180 support area.

Ethereum Price Analysis

Recently, Ethereum price made another attempt to surpass the $192 and $194 resistance levels against the US Dollar. The bulls struggled to gain strength and ETH price formed a high near the $192 level.

Later, there was a bearish wave below the $190 and $188 levels. Moreover, there was a break below $185 and the 55 simple moving average (4-hours). Similarly, there were strong bearish moves in bitcoin, but ETH remained supported above the $182 level.

A low was formed near $183.78 and the price is currently correcting higher. An immediate resistance is near the $186 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $192 high to $183 low.

The first key resistance seems to be near the $188 level. It represents the 50% Fib retracement level of the recent decline from the $192 high to $183 low. Besides, the main resistance for Ethereum price is still near the $192 and $194 levels.

Therefore, a successful close above $194 is needed for a strong upward move towards the $200 and $210 levels. On the downside, there are many supports near the $182 and $180 levels.

More importantly, there is a major bullish trend line forming with support near the $184 level on the 4-hours chart. If ETH fails to stay above the trend line, the next key support is near $180. Any further losses may perhaps start a major decline towards the $175 and $170 levels.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above key supports near $182 despite the recent decline. If the price fails to stay above $182 and $180, there could be a sharp decline. Conversely, a clear break above $194 could start a strong increase in the coming days. The next resistances are near $200 and $208.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bullish zone.

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

Key Support Levels – $184, followed by the $180 zone.

Key Resistance Levels – $188 and $192.

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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