Ethereum (ETH) Price Likely Preparing For Corrective Move To $200
ETH price started an upside correction and tested the $185 resistance against the US Dollar.
The price is currently correcting lower, but it remains supported near $175 and $172.
There is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD (data feed via Kraken).
The price remains well supported on dips near the $172 and $170 levels in the near term.
Ethereum price is showing positive signs above versus the US Dollar, while consolidating vs bitcoin. ETH price is likely to break the $185 resistance as long as it is above $170.
Ethereum Price Analysis
Yesterday, we saw a decent upward move above the $172 and $175 resistances in Ethereum against the US Dollar. ETH price even settled above the $175 level and the 100 hourly simple moving average. Moreover, it traded above the $180 level and tested the key $185 resistance area. A swing high was formed near $185 before the price started a downside correction.
There was a break below the $180 level. Moreover, the price traded below the 23.6% Fib retracement level of the last wave from the $165 low to $185 high. At the moment, the price is trading near the $175 support area and the 100 hourly SMA. More importantly, the 50% Fib retracement level of the last wave from the $165 low to $185 high is providing support near $175.
If there are more downsides, the next key support is near the $172 level. An intermediate support is near the 61.8% Fib retracement level of the last wave from the $165 low to $185 high. Finally, there is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD. Therefore, Ethereum remains well supported above the $170 level in the near term.
On the upside, the $185 level is a strong resistance. Once there is a close above the $185 level, the price is likely to accelerate higher towards the $195 and $200 resistance levels in the near term. Conversely, a close below the $170 level might push the price back towards the $165 level.
Looking at the chart, Ethereum price is currently correcting the recent upward move from $165. However, there are key supports near $172 and $170. As long as there is no close below $170, the price is likely to climb higher. A clear break above $185 is needed for a solid run towards the $200 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.
Major Support Level – $172
Major Resistance Level – $185
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