Ethereum Price Weekly Forecast: ETH Approaching Next Crucial Break
ETH price started trading in a range after it failed to surpass the $185 resistance against the US Dollar.
The price is currently trading below the key $180 and $185 resistance levels.
There is a key contracting triangle forming with resistance near $180 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to make the next crucial move either above $180 or towards the $160 support.
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Ethereum price is setting up for the next crucial break against the US Dollar and bitcoin. ETH may soon start a solid increase if it breaks the $180 and $185 resistances.
Ethereum Price Weekly Analysis
This past week, ETH tested the key $185 resistance area against the US Dollar. Earlier, the price formed a support base near the $160 level and started an upside correction. It broke the $165 and $170 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the last major decline from the $225 high to $152 swing low.
However, the price struggled to break the $185 resistance area. Additionally, the 100 simple moving average (4-hours) acted as a strong resistance near $185. There was also no test the 50% Fib retracement level of the last major decline from the $225 high to $152 swing low. Recently, the price declined below the $180 level and it is currently trading in a crucial range.
It seems like there is a key contracting triangle forming with resistance near $180 on the 4-hours chart of ETH/USD. On the upside, there are major hurdles near the $180 and $185 levels. Therefore, a successful break above the $185 resistance area and the 100 SMA could open the doors for a larger upward move. The next key resistance for Ethereum is near the $198 and $200 levels.
Moreover, the 61.8% Fib retracement level of the last major decline from the $225 high to $152 swing low might prevent gains near $197. Conversely, the price could break the $170 support level to continue lower. The next key support area is near the $160 level. If there are more downsides, the price could revisit the $152 swing low.
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The above chart indicates that Ethereum price is clearly setting up for the next crucial break either above $185 or below $170. As long as the price is trading below the $185 resistance and the 100 SMA, there are chances of a downside break in the near term.
4 hours MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
4 hours RSI – The RSI for ETH/USD is still well below the 50 level, with a flat structure.
Major Support Level – $170
Major Resistance Level – $185
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