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- The price of ETHs has traded above resistance levels of $ 174 and $ 175 before facing sellers against the US dollar.
- The price went up to the $ 178 level and then began a downward correction below $ 172.
- An important downtrend line is in place with resistance at USD171 on the ETH / USD time chart (data feed via Kraken).
- The pair could either go back above $ 171, or get closer to the support zone at $ 166.
The price of Ethereum began a downward correction against the US dollar, but remained stable compared to Bitcoin. ETH could revisit the support at $ 166, but it remains well on the downside.
Ethereum Price Analysis
There has been a decent rise above the USD 170 resistance of the Ethereum price against the US dollar. The ETH / USD has exceeded resistance levels of 174 and 175 USD to enter a positive zone. However, the price failed to maintain a bullish momentum above the $ 178 level. It peaked just below $ 178 and then dropped below the $ 175 level. There was a break under $ 170 and a simple 100-hour moving average. The price has traded near the $ 166 level, where buyers have taken a stand.
Recently, the price has rebounded above the $ 168 level and the Fib retracement level of 23.6% from the recent fall in the maximum swing from $ 178 to the low of $ 166. However, the $ 170 zone and the simple 100-hour moving average constitute strong resistance. There is also a major downtrend line with resistance at $ 171 on the ETH / USD time chart. Above the trend line, the next resistance is close to $ 172 and the Fib retracement level of 50% of the recent fall from the maximum to $ 178 to $ 166.
On the downside, the initial support is $ 168, below which the price can go back to $ 166. Any other loss is very unlikely and it looks like the price could rebound above $ 171 and $ 172. The main resistance is $ 175, above which the price could go up to $ 180 and $ 182.
Looking at the chart, the Ethereum price seems to be lower down to $ 166 or $ 165. However, the overall bias is positive and the price could rebound once the current correction is completed, close to $ 165. On the upside, a break above $ 172 is needed for a further increase to the $ 178 level. Above $ 178, the price could break the $ 180 resistance.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly evolving in the bullish zone, with some positive signs.
RSI hourly – The RSI ETH / USD has not stayed above the 50 level and is currently heading to 40.
Major Support Level – $ 166
Major resistance level – $ 172
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