Ethereum price is currently consolidating losses above the key $175 support level and could rise if the bulls break above the $185 resistance.
Ethereum Price Medium-term Analysis
Last week, the price of Ethereum (ETH) was trading in a range-bound movement after the bulls were resisted at the $198 level. As a result, the bears broke below the $185 level and found support near the $178 level. At the moment, Ethereum price has recovered from October 12 low of $185 to trade at $183. However, the upside momentum is weak.
On the upside, if more buyers emerge, the coin will rise and retest the $185 with the next focus on $190 price levels. Conversely, if the bulls fail to break the resistance, the crypto’ price will decline near the $178 level with the main support near the $175 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is consolidating above the $178 and $175 support levels. However, there are possibilities of an upside break above $185. Once it is out of the way, the recovery is likely to gain traction with the next focus on the above-said high of $198.
Still, it’s hard to discard another drop before a fresh increase. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $185, $190, $200
- Support Levels: $180, $178, $175
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.