- Ethereum price rebounded recently and traded above the $175 resistance against the US Dollar.
- ETH price is still facing a couple of important resistances near $185 and $188.
- There was a break above a key bearish trend line with resistance near $174 on the 4-hours chart (data feed from Coinbase).
- The price is likely to accelerate gains once it surpasses the $185 and $188 resistance levels.
Ethereum price is rebounding, but facing a crucial resistance near $185-$188 against the US Dollar. ETH price might surge if it clears the $188 resistance area.
Ethereum Price Analysis
After struggling to clear the $185 resistance, Ethereum price corrected lower against the US Dollar. The ETH/USD pair traded below the $175 level, but it found support near the $170 level. It seems like the price stayed above the broken 23.6% Fib retracement level of the key drop from the $225 high to $152 low. Recently, there was a fresh increase above the $175 resistance and the 55 simple moving average (4-hours).
More importantly, there was a break above a key bearish trend line with resistance near $174 on the 4-hours chart. The pair climbed above the $180 level and retested the main $185 resistance area. There is also another crucial resistance near the $188 level. It represents the 50% Fib retracement level of the key drop from the $225 high to $152 low.
Therefore, an upside break above the $185 and $188 resistance levels might open the doors for more gains. The next key resistance is near the $200 level. An intermediate resistance is near $197 or the 61.8% Fib retracement level of the key drop from the $225 high to $152 low. Conversely, if there is another decline, the price could find support near the $175 level or the 55 simple moving average (4-hours).
If Ethereum fails to stay above the $175 support and the 55 simple moving average (4-hours), it could move back into a bearish zone. The next key support is near the $170 level, below which the price might decline towards the $160 level.
Looking at the chart, Ethereum price is clearly correcting higher, but it is heading towards the $185 and $188 resistance levels. If the bulls gather momentum above $188, the price could continue to rise. If not, there could be a short term downside correction towards the $175 support level.
4 hours MACD – The MACD for ETH/USD is currently placed nicely in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 60 level.
Key Support Levels – $175, followed by the $170 zone.
Key Resistance Levels – $188 and $200.
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