Ethereum Topside Bias Vulnerable Unless It Surges Past 100 SMA

Ethereum shows signs of an upward correction from the low of USD 176 against the US dollar. However, the ETH price is likely to face strong resistance near $ 195 and the 100-hour SMA.

  • Ethereum extended its decline and hit a new weekly low at $ 176.
  • The price is currently recovering and shows positive signs above $ 185.
  • On the hourly chart of ETH / USD (data feed about octopuses), a strongly declining channel is forming with resistance close to USD 189.
  • The bulls will likely fight and face a strong barrier near $ 195 and $ 198.

The Ethereum Prize is facing hurdles

After testing the $ 180 level, Ethereum attempted to recover over $ 185 against the US dollar. The ETH price rose above the resistance of $ 188, but struggled to exceed the $ 190 pivot level.

As a result, there was another drop and the price broke the low of $ 180. A new weekly low was formed near $ 176 and the price corrected higher again. It rose above the Fib retracement level of 23.6% of the main decline from the high of $ 214 to the low of $ 176.

Ethereum is now approaching the USD 190 resistance zone. There is also a sharply declining channel that forms hourly with resistance close to $ 189 diagram the ETH / USD. If there is a significant break above channel resistance and $ 190, the price could continue to recover.

Ethereum price

Ethereum price

There is a lot of resistance on the upside near the $ 195 level and the simple 100-hour moving average. The 50% Fib retracement level of the key decline from the high of $ 214 to the low of $ 176 is also close to $ 195.

To start a decent bullish move and a new bullish wave, the ether price must exceed $ 195, 100-hour SMA, and $ 198 pivot level. A successful close above $ 198 will most likely open the doors for a short-term rise above resistance levels of $ 200 and $ 202.

Bearish sequel

If Ethereum does not exceed the $ 190 and $ 195 resistance levels, it will likely resume its decline. Immediate support is near the channel's lower trend line at $ 177.

Key supports are at $ 176 and $ 175, below which the price could accelerate its decline to the $ 165 level in upcoming sessions.

Technical indicators

Hourly MACD – – The MACD for ETH / USD is currently in the bullish zone.

Hourly RSI – – The RSI for ETH / USD is struggling to stay above the 50 level.

Main support level – $ 175

Main resistance level – $ 195

Use the trading opportunities with Plus500

Disclaimer: 76.4% of retail CFD accounts lose money.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.