Ethereum Price (ETH) Could Continue Higher While Bitcoin Struggles
ETH price climbed higher recently and settled above the $175 resistance area against the US Dollar.
The price is currently consolidating gains and it might continue to rise towards $185 or $190.
There is a key breakout pattern forming with support near $180 on the hourly chart of ETH/USD (data feed via Kraken).
The price could dip a few points towards $176 or $175 before it could start a fresh increase.
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Ethereum price is showing positive signs above $175 versus the US Dollar, while bitcoin is struggling. ETH price remains supported on dips and it could rise further.
Ethereum Price Analysis
Recently, there was a solid rise in ETH price above the $175 resistance area against the US Dollar. However, bitcoin price struggled to gain momentum above the $10,500 resistance area. The recent rise in pushed Ethereum above the $180 level and the 100 hourly simple moving average. Moreover, the price traded close to the $185 level and recently started a short term downside correction.
It traded below the $180 level and the tested the 23.6% Fib retracement level of the upward move from the $165 low to $185 high. At the outset, there is a key breakout pattern forming with support near $180 on the hourly chart of ETH/USD. It seems like the price might decline a few points below the trend line support at $180. The next key support is near the $178 level and the 100 hourly SMA.
Additionally, the 50% Fib retracement level of the upward move from the $165 low to $185 high is near the $175 level to act as a support. If the price continues to slide, there are chances of a trend reversal towards the $170 support area. The 76.4% Fib retracement level of the upward move from the $165 low to $185 high is also near $170. Conversely, an immediate resistance on the upside is near the $182 level.
If there is an upside break above the $182 level, the price could attempt to surpass the $185 resistance area. Above $185, the price is likely to continue higher towards the $190 and $192 resistance levels.
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Looking at the chart, Ethereum price is clearly trading with a positive bias above the $175 and $178 support levels. Only an hourly close below $175 might negate the current positive bias. On the upside, the price will most likely gain bullish momentum once it clears the $182 and $185 resistance levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and it struggling to hold the 50 level.
Major Support Level – $175
Major Resistance Level – $185
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