Ethereum price is struggling to climb higher above the $188 resistance against the US Dollar. The price is currently trading near the $182 support area, which holds the key. There is a key bearish trend line forming with resistance near $185 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin is declining and is struggling to stay above the $8,500 support area.

Ethereum price is facing a fresh round of selling versus the US Dollar, similar to bitcoin. ETH price remains at a risk of more downsides if it breaks the $180-$182 support zone.

This week, we mostly saw range moves in Ethereum above the $180 and $182 supports against the US Dollar. Recently, ETH made an attempt to climb above the $188 and $190 resistance levels, but it failed.

A high was formed near $190 and the price started a fresh decline. It broke the $186 support level to move lower towards the range support area. Moreover, there was a break below the $185 level and the 100 hourly simple moving average.

It opened the doors for more losses and the price is now trading near the $182 support area. The range support near the $180 and $182 levels holds a lot of importance. If Ethereum fails to stay above the $180 support area, there are chances of a sharp breakdown.

The next key supports are near the $175 and $172 levels. On the upside, an initial resistance is near the $184 level. Besides, the 23.6% Fib retracement level of the recent decline from the $190 high to $182 low is also near $184.

More importantly, there is a key bearish trend line forming with resistance near $185 on the hourly chart of ETH/USD. Above the trend line, the price could correct higher towards the $186 resistance.

Additionally, the 50% Fib retracement level of the recent decline from the $190 high to $182 low is near the $186 level to act as a resistance. Therefore, a close above the $186 level and the 100 hourly SMA is needed to avoid a bearish break below the $180 support area.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading near the last line of defense at $182 and $180. If the bulls fail to defend the $180 support, the price is likely to accelerate lower by 5%-10%. On the upside, there are many resistances such as $186, $188 and $190.

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently declining and approaching the 30 level.

Major Support Level – $180

Major Resistance Level – $186

The post Ethereum (ETH) Trading Near Last Line of Defense appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

201 +