- Ethereum price climbed above the key $185 resistance area against the US Dollar.
- Bitcoin price is still struggling to recover and is facing a strong resistance near $8,400.
- There was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently consolidating above $185 and it could rise towards $192 or $195.
Ethereum price is showing positive signs versus the US Dollar and bitcoin. ETH price must stay above $185 to continue higher in the near term.
Ethereum Price Analysis
Yesterday, we saw range moves in Ethereum above the $175 and $178 supports against the US Dollar. Finally, the price formed a support base above $180 and later managed to climb higher. It surpassed the $185 resistance area to start the current recovery. Moreover, there was a close above the $185 level and the 100 hourly simple moving average.
During the rise, there was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD. The pair tested the $188 area and it is currently correcting gains. At the moment, the price is trading below the 23.6% Fib retracement level of the recent wave from the $180 swing low to $188 high. On the downside, there is a strong support forming near the $185 level (the previous resistance).
Moreover, the 50% Fib retracement level of the recent wave from the $180 swing low to $188 high is also positioned near the $185 level. The next key support is near the $184 level and the 100 hourly simple moving average. If there is a downside break and close below the $184 support area, Ethereum price could move back into a bearish zone. In the mentioned case, the price is likely to revisit the $178 support.
On the upside, the $188 level is an initial hurdle for the bulls. A successful break above the $188 level could push the price towards the $192 resistance. Any further upsides may perhaps call for a push towards the $195 resistance area.
Looking at the chart, Ethereum price is showing positive signs above the $185 level, while bitcoin is still facing a strong resistance near $8,400. As long as ETH is above $184, there are chances of more gains in the near term. The bulls are likely to target $192 or $195. Conversely, the price could revisit $178 if it breaks $184.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $184
Major Resistance Level – $192