The Ethereum price is trading near a juncture and is currently under a lot of pressure as it recently declined below the $180 support against the US dollar. As the Ethereum latest news show, the price is currently struggling to hold an important support area near the $168 level. There is also a crucial bearish trend line forming with resistance near $174 for ETH, as the 4-hours chart indicates.
Currently, the pair is struggling and could either decline below $168 or might start a decent recovery in the $182 to $185 region. Ever since ETH faced an increase in selling pressure below $185, the Ethereum price is trading below the $180 support area. This opened the doors for more losses and the price traded below $175. Finally, the price went down to $170 and tested the key $168 support area.
This is how a swing low was formed near $168 and the price is still consolidating. A major immediate resistance is near the $172 level or the 23.6% Fib retracement level of the recent decline from $188 to $168 which marks a loss of more than 20% on a weekly level.
Moreover, the crucial bearish trend line is forming with resistance near $174 on the 4-hours chart of ETH/USD. If we see an upside break above the trend line, the Ethereum price could recover towards $178 and be featured in the cryptonews again.
If we see a major recovery, ETH could visit $185 and then $188. On the downside, the main support is near the $168 zone. If there is a bearish break below $168, the price could also extend its decline. Now that the Ethereum price is trading near $173, the next support line is near the $160 area, below which ETH may perhaps test the $152 support.
What’s also interesting are the charts – which indicate that the Ethereum price is trading near a crucial juncture above the $168 support. At this point, it can either decline further below $168 or might start a decent recovery towards $180.
The technical indicators for ETH are as following:
- 4 hours RSI – The RSI for ETH/USD is right now way below the 40 level, with bearish signs and indicators.
- Major Support Level is at $168
- Major Resistance Level is at $180
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