- Ethereum price failed to continue above $190 and declined below $188 against the US Dollar.
- The price is currently correcting higher, but it is likely to face resistance near $187-$188.
- There is a connecting bearish trend line forming with resistance near $187 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin is trading with a bearish angle below the $8,950 and $9,000 resistance levels.
Ethereum price is trading in a broad range versus the US Dollar, while bitcoin is struggling. ETH price might revisit the $182 range support area in the near term.
Ethereum Price Analysis
Yesterday, there was a decent increase in Ethereum above the $188 resistance against the US Dollar. ETH even surpassed the $190 resistance area and the 100 hourly simple moving average.
However, the price struggled to gain strength above $190 and formed a high near the $192 level. Later, there was a downward move below the $188 support area and the 100 hourly simple moving average.
Moreover, the price traded below the 50% Fib retracement level of the upward move from the $180 swing low to $192 high. The bulls even failed to defend the $185 support and the price tested the $183 area.
Ethereum is currently correcting higher and trading near the $186 level. Additionally, it is trading near the 23.6% Fib retracement level of the recent decline from the $192 high to $184 swing low.
On the upside, an immediate resistance is near the $187 level. More importantly, there is a connecting bearish trend line forming with resistance near $187 on the hourly chart of ETH/USD, coinciding with the 100 hourly SMA.
If there is an upside break above the trend line and the 100 hourly SMA, the price could test the $188 resistance area. Any further gains may perhaps push the price towards the $192 swing high in the near term.
Conversely, the price could decline further if it fails to clear the $188 resistance. An immediate support is near the $184 level. The main supports are near the $182 and $180 levels, below which the bears are likely to gain strength.
Looking at the chart, Ethereum price seems to be trading in a broad range between $180 and $190. A successful close on the either side could trigger the next move. As long as there is no daily close below $180, there are chances of a fresh increase towards $200 and $205.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is likely to clear the 50 level.
Major Support Level – $182
Major Resistance Level – $188