Ethereum (ETH) Trading Near Last Line of Defense
Ethereum price is struggling to climb higher above the $188 resistance against the US Dollar.
The price is currently trading near the $182 support area, which holds the key.
There is a key bearish trend line forming with resistance near $185 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin is declining and is struggling to stay above the $8,500 support area.
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Ethereum price is facing a fresh round of selling versus the US Dollar, similar to bitcoin. ETH price remains at a risk of more downsides if it breaks the $180-$182 support zone.
Ethereum Price Analysis
This week, we mostly saw range moves in Ethereum above the $180 and $182 supports against the US Dollar. Recently, ETH made an attempt to climb above the $188 and $190 resistance levels, but it failed.
A high was formed near $190 and the price started a fresh decline. It broke the $186 support level to move lower towards the range support area. Moreover, there was a break below the $185 level and the 100 hourly simple moving average.
It opened the doors for more losses and the price is now trading near the $182 support area. The range support near the $180 and $182 levels holds a lot of importance. If Ethereum fails to stay above the $180 support area, there are chances of a sharp breakdown.
The next key supports are near the $175 and $172 levels. On the upside, an initial resistance is near the $184 level. Besides, the 23.6% Fib retracement level of the recent decline from the $190 high to $182 low is also near $184.
More importantly, there is a key bearish trend line forming with resistance near $185 on the hourly chart of ETH/USD. Above the trend line, the price could correct higher towards the $186 resistance.
Additionally, the 50% Fib retracement level of the recent decline from the $190 high to $182 low is near the $186 level to act as a resistance. Therefore, a close above the $186 level and the 100 hourly SMA is needed to avoid a bearish break below the $180 support area.
Looking at the chart, Ethereum price is clearly trading near the last line of defense at $182 and $180. If the bulls fail to defend the $180 support, the price is likely to accelerate lower by 5%-10%. On the upside, there are many resistances such as $186, $188 and $190.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and approaching the 30 level.
Major Support Level – $180
Major Resistance Level – $186
The post Ethereum (ETH) Trading Near Last Line of Defense appeared first on NewsBTC.
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