The latest cryptocurrencies news show that the price of Ethereum is right now correcting lower from the $195 yearly high that it had against the US dollar. Now, analysts are wondering what is Ethereum trying to prove after the price approached a couple of important supports near the $185 level.
There is a major bullish flag pattern forming with resistance being pushed near $192 on the hourly chart of ETH/USD according to Kraken’s data. Meanwhile, the price of Bitcoin is struggling to settle above the $9,500 resistance levels.
What’s even more important is that there is a bullish flag pattern forming with resistance near $192 on the hourly chart of ETH/USD. So, if Ethereum bulls break this flag resistance near the $192 level, we will see what is Ethereum trying to prove and how is it going to potentially increase towards the $194 and $195 levels.
In this mentioned case, the likely scenario is for the price to surpass the main $200 resistance area. The next key target for the bulls in the near term could be near the $220 level. On the downside, however, we can see the first key support near the $185 level. Additionally, the 100 hourly SMA is also positioned near the $185 level which will provide support along with the 61.8% Fib retracement wave from the $178 low to the $195 high.
If the bulls fail to keep the price above $185, there is a risk of a large decline in the near term. In the mentioned case, the bears will likely aim at the $178 support level and any further losses will possibly call for a test of $172.
The technical Indicators now are as following:
- Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is currently just below the 50 level, with a minor bearish angle.
- Major Support Level – $185
Besides the latest Ethereum news showing what is Ethereum doing now, we can see that the market has been swept away with $10 billion in total losses today – something that brought the price of BTC down to $9,176 at press time. The major loser in the top 10 today is Bitcoin SV (BSV) which retraced from its highs and is now in the $268 zone.
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