- ETH price corrected lower and found support near the $174 level against the US Dollar.
- The price found a strong buying interest and it is currently moving higher towards $185.
- Yesterday’s highlighted important bullish trend line is active with support at $175 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing positive signs above the $175 level and it could continue to move higher.
Ethereum price is holding key support levels versus the US Dollar and bitcoin. ETH is slowly climbing higher and it is likely to continue towards the $184 and $185 levels.
Ethereum Price Analysis
Recently, there was a fresh downside correction from the $188 swing high in Ethereum price against the US Dollar. The ETH/USD pair declined below the $184 and $180 support levels. The price even broke the $176 level, but it found a strong buying interest near the $174 level. Moreover, the 61.8% Fib retracement level of the last leg from the $164 low to $188 high acted as a support. The price formed a decent support base above the $174 level and it recently moved higher.
It broke the $176 resistance and the 23.6% Fib retracement level of the recent drop from the $188 swing high to $174 low. More importantly, there was a break above a connecting bearish trend line with resistance at $177 on the hourly chart of ETH/USD. It opened the doors for more gains and the price recently tested the $180 level. It seems like the 50% Fib retracement level of the recent drop from the $188 swing high to $174 low is acting as a short term resistance.
If the price corrects lower, it is likely to find a decent buying interest near the $176 or $175 levels. Besides, yesterday’s highlighted important bullish trend line is active with support at $175 on the same chart. Therefore, it seems like Ethereum remains well supported on the downside near the $175 and $174 levels. On the upside, a break above the $180 level could push the price towards the $184 and $185 resistance levels.
Looking at the chart, Ethereum price is placed nicely in a positive zone above the $174 swing support. Only a close below the $174 level and the 100 hourly simple moving average could start a fresh decline. If not, the price is likely to continue higher towards $185. Above $185, the next stop for buyers could be near $188 or $190.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD climbed higher above the 50 and 55 levels.
Major Support Level – $175
Major Resistance Level – $185
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* First published on newsbtc.com