Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum is following a short term declining pattern from the $198 resistance against the US Dollar. ETH could spike towards the $188 or $185 support before it rallies above $200.
- Ethereum is slowly moving lower after it failed to surpass the $198 and $200 resistance levels.
- The price is currently trading near the $192 support and the 100 hourly simple moving average.
- There is a key declining channel or a bullish flag forming with resistance near $195 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair could dip towards the $188 support or $185 before it starts a fresh increase.
Ethereum Price Correcting Gains
After a couple of failed attempts to clear the $198-$200 resistance area, Ethereum price started a downside correction against the US Dollar. ETH price seems to be following a declining pattern from the $198 resistance.
The last swing low was near $188 and the recent high was $195. The price is currently declining and testing the $192 level. The 50% Fib retracement level of the upward move from the $188 low to $195 is currently acting as a support.
The next key support is near the $190 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $188 low to $195 is also near the $190 level to provide support.
If Ethereum fails to stay above the 100 hourly simple moving average, it could spike towards the $188 support. It seems like there is a key declining channel or a bullish flag forming with resistance near $195 on the hourly chart of ETH/USD.

Therefore, there are chances of a downside thrust towards the $188 support or the $185 pivot zone in the short term. If Ether fails to stay above the $185 support, there is a risk of a larger downside correction.
The next major support below $185 is near the $175 level, where the bulls are likely to take a strong stand in the coming sessions.
Uptrend Intact?
Ethereum is still following a nice uptrend unless it settles below the $185 support. On the upside, the bulls need to clear the $195 resistance level.
The main hurdle is near the $198 and $200 levels, above which the price could rally towards the $212 and $215 levels. Any further gains may perhaps call for a test of $225.
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 now below the 50 level.
Major Support Level – $185
Major Resistance Level – $198
Image from unsplash