Ethereum (ETH) Consolidating Below $190, Bitcoin Holding $9K
Ethereum price is facing a lot of hurdles on the upside near $185 and $186 against the US Dollar. Bitcoin is somehow holding the key $9,000 and $8,960 support levels.
There is a key bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is mostly trading in a range above the $178 support and below the $186 resistance. Ethereum price is facing an uphill task versus the US Dollar, similar to bitcoin. ETH price could continue to trade in a range before the next move either above $186 or below $178.
Ethereum Price Analysis In the past few sessions, Ethereum was seen trading in a range above the $178 support against the US Dollar.
ETH price made a couple of attempts to start a fresh increase, but it faced a strong resistance near the $185 and $186 levels.
The last swing high was near $186 before the price declined below the $182 and $180 levels. Moreover, there was a close below the $182 support and the 100 hourly simple moving average.
A low was formed near $179 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $186 high to $179 low.
However, the $182 level and the 100 hourly SMA are acting as a strong hurdle for the bulls.
Additionally, the 50% Fib retracement level of the recent decline from the $186 high to $179 low is acting as a resistance.
More importantly, there is a key bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD.
Therefore, an upside break above the $182 resistance might push Ethereum price higher. On the upside, the main resistances are near $185 and $186.
A clear break above $186 is needed for upside acceleration in the near term.
On the downside, an immediate support is near the $180 level.
If there are more downsides, the price could revisit the range support area near the $178 level.
A clear break below the $178 support could spark more losses towards $175 and $170.
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There is a key bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is mostly trading in a range above the $178 support and below the $186 resistance. Ethereum price is facing an uphill task versus the US Dollar, similar to bitcoin. ETH price could continue to trade in a range before the next move either above $186 or below $178.
Ethereum Price Analysis In the past few sessions, Ethereum was seen trading in a range above the $178 support against the US Dollar.
ETH price made a couple of attempts to start a fresh increase, but it faced a strong resistance near the $185 and $186 levels.
The last swing high was near $186 before the price declined below the $182 and $180 levels. Moreover, there was a close below the $182 support and the 100 hourly simple moving average.
A low was formed near $179 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $186 high to $179 low.
However, the $182 level and the 100 hourly SMA are acting as a strong hurdle for the bulls.
Additionally, the 50% Fib retracement level of the recent decline from the $186 high to $179 low is acting as a resistance.
More importantly, there is a key bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD.
Therefore, an upside break above the $182 resistance might push Ethereum price higher. On the upside, the main resistances are near $185 and $186.
A clear break above $186 is needed for upside acceleration in the near term.
On the downside, an immediate support is near the $180 level.
If there are more downsides, the price could revisit the range support area near the $178 level.
A clear break below the $178 support could spark more losses towards $175 and $170.
Follow me on
Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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