Ethereum (ETH) Holding Crucial Support While Bitcoin Is Declining

  • Ethereum price is still struggling to climb above $186, $188 and $190 resistances against the US Dollar.
  • The price is currently declining and it seems like it could retest the $180 support area.
  • There are two major bearish trend lines forming with resistance near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is under a lot of pressure and it recently decline below the $8,500 support.

Ethereum price is holding an important support versus the US Dollar, while climbing vs bitcoin. ETH price might retest the $180 or $178 support area in the near term.

Ethereum Price Analysis

Recently, Ethereum found a strong buying interest near the $178 level against the US Dollar. As a result, ETH price started an upward move above the $180 and $182 levels.

Moreover, the price broke the $185 resistance and the 100 hourly simple moving average. However, the upward move was capped by the $186 resistance area. A high was formed near $186 and the price is currently correcting lower.

It broke the 23.6% Fib retracement level of the recent wave from the $177 low to $186 high. At the moment, the price is trading near the $184 level and the 100 hourly simple moving average.

An immediate support is near the $182 level. Besides, the 50% Fib retracement level of the recent wave from the $177 low to $186 high is also near the $182 level. The main support is near the $180 level, below which the price is likely to revisit the $178 support area.

On the upside, Ethereum price is still struggling to climb above $186, $188 and $190 resistances. More importantly, there are two major bearish trend lines forming with resistance near $186 on the hourly chart of ETH/USD.

If there is a clear break above both the trend lines, the price is likely to make an attempt to surpass the $188 resistance area. Having said that, a clear break and close above the $190 resistance is needed for a sustained move higher in the near term.

Ethereum Price

Looking at the chart, Ethereum price is somehow holding the $180 and $178 levels. On the other hand, bitcoin is declining and it even traded below the $8,500 support level. Therefore, there are high chances of a decent upward move as long as ETH price is trading above the $180 and $178 support levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently gaining bearish momentum and is well below the 50 level.

Major Support Level – $180

Major Resistance Level – $186

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