- 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 . 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 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 , 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
Published at Wed, 10 Apr 2019 04:08:02 +0000
