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Ethereum Price (ETH) Eyeing Upside Break, Bitcoin Up 2% | NewsBTC

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  • ETH price stayed above the key $175 support and recovered recently against the US Dollar.
  • Bitcoin price is trading nicely and it recently broke the key $10,250 resistance area.
  • This week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is trading above the $180 level and it seems like it could continue to rise towards $185.

Ethereum price is trading nicely above $175 versus the US Dollar, while bitcoin jumped above $10,300. ETH price could continue to rise as long as above $175.

Ethereum Price Analysis

Recently, there was a downside correction in ETH price below the $180 support against the US Dollar. However, the $175 level acted as a decent support and prevented further losses. Moreover, bitcoin price held the $10,000 support and it bounced back above $10,250 and $10,300. It helped altcoins in recovering and Ether climbed back above the $178 level.

Additionally, the price broke the $180 level and the 100 hourly simple moving average. During the rise, the price broke the 50% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. More importantly, this week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD.

The price is now trading near the 61.8% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. If there are more upsides, the price could break the $182 resistance level. The next resistance is near the $184 level plus the 76.4% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. However, the main resistance is near still near the $185 level.

A convincing close above the $185 resistance might set the pace for a strong rise in the near term. On the downside, an immediate support is near the $178 level. However, the main support is near the $175 level. If there is a bearish break below the $175 support, there could be more downsides in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing a lot of positive signs above $175 and $178. Moreover, bitcoin is gaining pace, which could accelerate gains in Ether as well above $182. Overall, there are chances of more gains as long as there is no close below the $175 support area.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently reducing its bullish slope.

Hourly RSIThe RSI for ETH/USD is currently correcting lower and is moving towards the 50 level.

Major Support Level – $175

Major Resistance Level – $185


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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