The price of Ethereum (ETH) is trading nicely today and holding above the $175 support area against the US dollar. The ETH price is hesitating now as it shows a lot of positive signs and could continue to rise towards $188 and $195 as its next resistance targets.
In the past few days, we saw how Ethereum corrected lower and tested the main $175 support area. The price is currently rising and trading above the $180 pivot level. Now, we can see a major bullish trend line forming with support near $178 on the hourly chart of the ETH/USD pair.
In the past week, we saw the Ethereum price trading to a new monthly high near $188 before starting a major downside correction (similar to Bitcoin). There was also a correction below the $180 level, but the bulls were able to defend the key $175 support area.
It seems like there is a strong support base that is forming above the $175 level – which is why the ETH price is hesitating. The latest Ethereum news show that there is also a major bullish trend line forming with support near $178 on the hourly ETH/USD chart.
The recent low was formed near $175 and Ethereum is rising as we speak. There was a minor break above the $180 level, plus the 50% Fib retracement level of the recent correction wave from a $188 high to a $175 swing low.
On the upside, we can see an initial hurdle positioned near the $185 level. This is close to the 76.4% Fib retracement level of the recent correction wave from the $188 high to a $175 swing low. A successful break above the $185 resistance level could open the doors for even more gains above the high of $188.
With a current price of $183 and 0.23% losses now, the ETH price is hesitating to spike action. However, Ethereum is not the only coin in the altcoin news today that is doing this – practically all of the top 10 coins are with minor losses and BTC’s situation is unchanged as the coin remains above $7,200.
On the downside, ETH’s $175 support area is still alive and the trend line holds a lot of importance. The next key support after this is the $173 level. The technical indicators are as following:
- Hourly MACD – The MACD for ETH/USD is now with slow moves to the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now above the 50 level.
- Major Support Level – $175
- Major Resistance Level – $185
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