Ethereum Price Analysis
After struggling near the $185 resistance, Ethereum corrected lower against the US Dollar. ETH price traded below the $180 support area. Moreover, there was a break below the $175 support and the 100 hourly simple moving average. However, the $172 support area remained intact and a low was formed near the $173 level. Recently, the price started a fresh increase and climbed above the $175 level.
Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $185 high to $173 low. The price even climbed above the $180 level and tested the $182 area. It seems like the 61.8% Fib retracement level of the recent decline from the $185 high to $173 low is acting as a resistance. The main resistance is still near the $185 level.
A successful break and close above the $185 resistance is needed for the bulls to gain momentum. The next key resistances area near the $195 and $200 levels. On the downside, an initial support is near the $176 level and the 100 hourly SMA. More importantly, yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD. Read More...