Ethereum price is currently correcting higher, but it faces a strong resistance of about $180 against the US dollar.
The price of Bitcoin has risen more than 1.5%, but it also faces resistance of $8,120 and $8,200.
This week's most important downtrend line was violated with a resistance close to $174 on the ETH / USD hourly chart (data feed through Kraken).
The pair clearly faces a strong resistance near the $180 level and the 100-hour SMA.
Ethereum's price is currently recovering higher against the US dollar, similar to bitcoin. However, the price of ETH might set above $180 to continue higher in the short term.
Ethereum price analysis
Yesterday, we saw a prolonged decline in Ethereum below the $ 180 support against the US dollar. In addition, the price of ETH set below the support of $180 and the simple moving average of 100 hours. The decrease was such that the price was negotiated near the $170 level. A low low was formed near $ 171 before the price began an upward correction. He recovered above the $ 174 and $ 175 resistance.
In addition, this week's most important downtrend line was violated with a resistance close to $174 on the ETH / USD hourly chart. The pair rose above the 23.6% Fibonacci retracement level of the last decline from the high of $ 188 to the low of $171. Finally, the price rose above the $178 resistance area. However, the Upward movement faces obstacles near the $180 resistance and the simple moving average of 100 hours.
In addition, the price could not prove the 50% Fibonacci retracement level of the last decrease from the high of $188 to the low of $171. Ethereum withdrew from the highs and is currently trading below $178. It seems that the $180 area and the 100-hour SMA are crucial barriers. Therefore, a successful close above $180 could push bulls to continue rising in the short term.
Otherwise, there is a risk of another decrease below the $175 level. The main support is close to the $172 and $ 170 levels. If there are more disadvantages, the price is likely to accelerate its fall below the level. of $165. The next key support is close to the $160 level.
Looking at the chart, Ethereum's price is facing strong resistance near the $180 level and the 100-hour SMA. If there is a successful close above $180, the price could recover to the $185 level. An intermediate resistance is close to the 61.8% Fibonacci retracement level of the last decline from the high of $188 to the low of $171.
ETH technical indicators
MACD per hour: The MACD for ETH / USD is likely to move to the bearish zone.
Hourly RSI: The RSI for ETH / USD is currently moving towards level 50.
Main support level: $170
Major Resistance Level - $180
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