/Ethereum (ETH) Price Still Capped By Key $185 Resistance

Ethereum (ETH) Price Still Capped By Key $185 Resistance

  • ETH price is still struggling to break the key $185 resistance area against the US Dollar.
  • The price is currently correcting lower and it might find support near $178 or $175.
  • There is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could retest the $185 resistance area as long as it is trading above the $175 support.

Ethereum price is struggling to continue higher versus the US Dollar and bitcoin. ETH price remains at a risk if it fails to stay above the main $175 support area.

Ethereum Price Analysis

Yesterday, we saw a nice 10% rally in Ethereum above the $175 resistance against the US Dollar. ETH price even broke the $180 resistance and the 100 hourly simple moving average. However, the main $185 resistance acted as a hurdle and prevented more gains. A high was formed near $185 and the price started a downside correction. It broke the $180 level to start the correction.

Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $168 swing low to $185 high. However, the price stayed above the $178 support and the 100 hourly SMA. Additionally, there is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD. The next support is near the $176 level. It coincides with the 50% Fib retracement level of the upward move from the $168 swing low to $185 high.

However, the main support is near the $175 level, where the bulls are likely to prevent additionally declines. If there is a downside break below $175 and the 61.8% Fib retracement level of the upward move from the $168 swing low to $185 high, the price could move back into a bearish zone. The next support is near the $172 level.

On the upside, an immediate resistance is near the $182 level. Having said that, the key resistance is near the $185 level. A successful break above the $185 resistance area is must for upside continuation in the near term.

Ethereum Price Analysis ETH ChartEthereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly struggling to clear the key $185 resistance area. Therefore, there could be an extended decline towards the $175 support area. It seems like the price might make another attempt to clear the $185 resistance. If it fails again, there could be a sharp decline below $175.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is struggling to gain pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently approaching the 50 level.

Major Support Level – $175

Major Resistance Level – $185

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