- ETH price remained in a bearish zone and even tested the $ 180 support area against the US Dollar.
- The price is currently correcting higher, but it is facing hurdles near $ 192 and $ 195.
- There is a significant bearish trend line forming with resistance near $ 192 on the 4-hours chart of ETH/USD (data feed via Kraken).
- An upside break above $ 192 and $ 195 might trigger a solid recovery in the near term.
Ethereum price is currently facing a strong resistance against the US Dollar and bitcoin. ETH remains at a risk of more downsides until there is a daily close above $ 200.
Ethereum Price Weekly Analysis
This past week, there were bearish moves in ETH below the $ 210 and $ 200 supports against the US Dollar. Moreover, the price settled below the $ 200 level and the 100 simple moving average (4-hours). Additionally, there were bearish moves in bitcoin below $ 10,000 and ripple price settled below the key $ 0.290 support level. At the moment, the market is correcting higher, but facing many hurdles such as ETH near the $ 192 and $ 195 levels.
Ethereum price traded as low as $ 180 recently and it is currently correcting higher. It recovered above the 50% Fib retracement level of the recent decline from the $ 204 high to $ 180 swing low. However, the upward move was capped by the $ 195 resistance area. Moreover, the 61.8% Fib retracement level of the recent decline from the $ 204 high to $ 180 swing low acted as a resistance.
It seems like there is a strong resistance forming near $ 192 and $ 195. More importantly, there is a significant bearish trend line forming with resistance near $ 192 on the 4-hours chart of ETH/USD. The main resistance is near the $ 198 and $ 200 levels. The 100 simple moving average (4-hours) is also positioned near the $ 200 level. Therefore, an upside break above the $ 200 level might trigger a strong recovery.
Conversely, if there is no upside break above $ 195 or $ 198, the price could is likely to continue lower. An immediate support is near the $ 185 level. However, the main support is near the $ 180 level, below which there is a risk of a sharp decline in the near term.
The above chart indicates that Ethereum price is clearly trading near a crucial juncture at $ 192. If there is an upside break, the price could start a decent recovery. If not, there are chances of another bearish wave below $ 180.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is showing no positive signs in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently near the 45 level, with a bearish angle.
Major Support Level – $ 180
Major Resistance Level – $ 198
The post Ethereum Price Weekly Forecast: ETH Trading Near Crucial Juncture appeared first on NewsBTC.
