- ETH price started a decent recovery after it tested the $ 180 support area against the US Dollar.
- The price is currently struggling to break a major resistance area near the $ 195 level.
- There is a key contracting triangle forming with resistance near $ 194 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of a fresh decline until it breaks the $ 194 and $ 195 resistance levels.
Ethereum price is facing a couple of important resistances versus the US Dollar and bitcoin. ETH could start another bearish wave if its breaks the $ 186 support level.
Ethereum Price Analysis
Recently, ETH price declined sharply below the $ 195 and $ 190 support levels against the US Dollar. Moreover, the price traded below the $ 184 support and tested the $ 180 support. Finally, the bulls managed to protect further losses and the price recently started an upside correction above the $ 185 level. There was a break above the 50% Fib retracement level of the last key decline from the $ 204 swing high to $ 180 low.
Additionally, Ethereum managed to climb above the $ 190 resistance and 100 hourly simple moving average. However, the previous major support near $ 195 acted as a strong resistance and prevented further upsides. It seems like the 61.8% Fib retracement level of the last key decline from the $ 204 swing high to $ 180 low also acted as a major resistance for the bulls.
At the moment, the price is correcting lower towards the $ 190 support. More importantly, there is a key contracting triangle forming with resistance near $ 194 on the hourly chart of ETH/USD. Therefore, the price seems to be preparing for the next break either above the $ 195 resistance or below the $ 188 level. On the upside, a clear break above the $ 195 resistance could push Ether higher in the coming sessions towards $ 200.
Conversely, if there is a downside break below the $ 188 and $ 185 supports, the price is likely to resume its decline. The next major support is near the $ 180 level. If there are additional losses, the price is likely to aim the $ 170 support area in the near term.
Looking at the chart, Ethereum price is clearly trading near a major resistance at $ 195. It could climb above $ 195 and rise sharply towards the $ 200 and $ 202 resistance levels. On the other hand, the bulls might continue to struggle and there might be another drop towards the $ 180 level or lower.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently sliding towards the 50 level.
Major Support Level – $ 185
Major Resistance Level – $ 195
The post Ethereum Price (ETH) At Potentially Major Turning Point appeared first on NewsBTC.
