Ethereum (ETH) Price Hesitates But Further Gains Seem Likely
- ETH price traded to a new 2019 high near $188 and recently corrected lower against the US Dollar.
- The price corrected below the $180 level and tested the key $174-175 support area.
- There is a major bullish trend line in place with support at $174 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains supported on dips and it is likely to test the $188 or even $190 level in the near term.
Ethereum price remained well bid on the downside versus the US Dollar and bitcoin. ETH corrected lower recently, but it found a strong support near the $174-175 area.
Ethereum Price Analysis
Yesterday, we saw a fresh increase above the $180 resistance in Ethereum price against the US Dollar. The ETH/USD pair traded above the $185 level and tested the $188 level. The pair struggled to retain the bullish momentum and later corrected below the $185 level. There was a break below the $180 level and the 50% Fib retracement level of the last wave from the $165 low to $188 high. There was even a spike below the $175 level, but the $174 level acted as a strong support.
Besides, the 61.8% Fib retracement level of the last wave from the $165 low to $188 high acted as a support. The price bounced back and traded above the $176 and $178 levels. It even spiked above the $180 level, but the $183 level prevented gains. It seems like there is a connecting bearish trend line in place with resistance near $182 on the hourly chart of ETH/USD, which is acting as a hurdle. A clear break above the trend line and $184 might open the doors for more gains.
The next key resistance is near the $188 level, above which the price is likely to test the $190 level. On the downside, there is a strong support formed near $174 and $175. There is also a major bullish trend line in place with support at $174 on the same chart. The trend line support near $174 also coincides with the 100 hourly simple moving average.
Looking at the chart, Ethereum price seems to be trading above a couple of important supports near $174. As long as the price stay above $174 and the 100 hourly SMA, it is likely to bounce back towards $184 and $188. There are even chances of a break above the $190 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD declined recently and tested the key 50 level.
Major Support Level – $174
Major Resistance Level – $182
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