Ethereum price is struggling to hold gains versus the US Dollar, while bitcoin is trading nicely. ETH price is under pressure and it could either rise again or break below $172.Ethereum Price Analysis
Yesterday, there were further gains in bitcoin above $10,500 against the US Dollar. However, Ethereum and ripple struggled to continue higher above $182 and $0.2650 respectively. As a result, ETH price declined below the $180 level and started a downside correction. The price also declined below the $178 support level and the 100 hourly simple moving average.
Moreover, the price declined below the 23.6% Fib retracement level of the last major upward move from the $166 swing low to $183 swing high. There was also a break below a major bullish trend line with support at $177 on the hourly chart of ETH/USD. The pair is now trading near the $174 support. Additionally, the 50% Fib retracement level of the last major upward move from the $166 swing low to $183 swing high is acting as a support.
If there are more downside, the price might test the $172 support area in the coming sessions. It coincides with the 61.8% Fib retracement level of the last major upward move from the $166 swing low to $183 swing high. On the upside, there is a key resistance forming near the $176 level and the 100 hourly SMA. However, the main resistance for the bulls is still near the $180 and $182 levels.
The current price action suggests a downside spike towards the $172 support level before the price attempts an upward move. Conversely, the price might continue to move down and it could even break the $170 support.
Looking at the chart, Ethereum price is struggling to continue higher and is currently trading near the key $174 support area. If the price fails to hold the $174 or $172 support, it could decline further. Otherwise, it may revisit the main $180-$182 resistance area.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently near the 40 level, with a flat structure.
Major Support Level – $172
Major Resistance Level – $180-$182
The post Ethereum Price (ETH) Testing Crucial Support While Bitcoin Holding Gains appeared first on NewsBTC.
Ethereum Price (ETH) Testing Crucial Support While Bitcoin Holding Gains
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