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- Ethereum price started an upward move and climbed above the $175 resistance against the US Dollar.
- ETH price is currently consolidating above the $180 level and it could continue to rise.
- There was a break above a major bearish trend line with resistance near $175 on the 4-hours chart (data feed from Coinbase).
- The price could climb higher significantly and it may perhaps break the $185 and $190 resistances.
Ethereum price is gaining bullish momentum above $175 against the US Dollar. ETH price might rise higher sharply once it clears the $185 resistance area.
Ethereum Price Analysis
Recently, Ethereum price formed a support base near the $165 level against the US Dollar. The ETH/USD pair started an upward move and broke the $170 and $175 resistance levels. Moreover, there was a close above the $175 level and the 55 simple moving average (4-hours). Finally, the price broke the $180 level and tested the $185 resistance area.
More importantly, there was a break above a major bearish trend line with resistance near $175 on the 4-hours chart. A swing high was formed near $186 and the price is currently consolidating gains. It traded below the 23.6% Fib retracement level of the last upward move from the $165 low to $186 high. However, there is a decent support forming near the $175 level.
Additionally, the 50% Fib retracement level of the last upward move from the $165 low to $186 high is also a decent support near the $175 level. The 55 simple moving average (4-hours) is also placed near the $175 level. If there is a downside break below the $175 support, the price could continue to grind lower towards the main $165 support area.
Conversely, the price could start another upward move if it clears the $185 and $186 resistance levels. A clear break above the last swing high could push the price above $190 and $192. The next key hurdle for the bulls is near the $200 level.
Looking at the chart, Ethereum price is clearly consolidating gains near the $180 level. If the bulls gain pace and clear the $185 barrier, the price could accelerate higher. If the bulls continue to struggle near the $185 resistance, there could be a bearish reaction. On the downside, the $175 support holds the key, below which the price could resume its decline and revisit the $165 support area.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently correcting towards the 50 level.
Key Support Levels – $175, followed by the $165 zone.
Key Resistance Levels – $185 and $195.