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.
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.
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.
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
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