Ethereum Price (ETH) Rally Could Face, Bitcoin Up 5%
ETH price is currently correcting higher and is trading above the $190 level against the US Dollar.
The price is still trading well below the key $195 resistance area.
There was a break above a major declining channel with resistance near $192 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is struggling to continue above $192 and $194, and it might decline again.
Ethereum price is facing a lot of selling interest versus the US Dollar and bitcoin. ETH remains at a risk of a fresh decline despite recent gains in BTC.
Ethereum Price Analysis
In the weekly forecast, as we a few important resistance for ETH price near the $192 and $195 levels against the US Dollar. The price formed a decent support near $182 recently and started an upside correction. The bulls gained traction above the $190 resistance level and the 100 hourly simple moving average. Moreover, bitcoin price jumped 5% recently and surged to test the $10,500 resistance level.
Ethereum price also climbed above the 50% Fib retracement level of the recent drop from the $197 high to $182 low. It opened the doors for more gains above the $192 level. Moreover, there was a break above a major declining channel with resistance near $192 on the hourly chart of ETH/USD. The pair tested the $194-195 resistance area, where the bulls struggled.
It seems like the price faced resistance near the 76.4% Fib retracement level of the recent drop from the $197 high to $182 low. At the moment, the price is trimming gains and is trading near the $192 level. An immediate support is near the $190 level and 100 hourly simple moving average. If the price fails to stay above the $190 support, it could decline back towards the $185 level.
On the upside, the main hurdles are near the $194 and $195 levels. A successful run above the $195 level might set the pace for a move towards the $200 and $202 resistance levels. As long as the price is below the $195 and $200 resistance levels, there is a risk of a fresh decrease in the coming sessions.
Looking at the chart, Ethereum price is facing many hurdles on the upside such as $194, $195, $200 and $202. On the downside, the $190 level is an immediate support. However, the main support is at $180, below which the bulls might struggle to bounce back in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently placed nicely above the 50 level.
Major Support Level – $185
Major Resistance Level – $195
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