Ethereum price has managed to recover towards the $172 level but the bulls might continue to face resistance near $175 and $180 levels.
Ethereum Price Technical Analysis
Last week, the price of Ethereum (ETH) was in a range bound move below the 12-day and 26-day Exponential Moving Averages (EMA). The market dropped from below the $185 level and formed a new monthly low near $152 to resume trading in a range. On two occasions, the bears attempted to break the $152 and $150 support levels but were resisted. As a result, there was an upside correction above the $172 resistance level. However, the bulls have continued to struggle to break above the $175 level.
On the upside, if the more buyers emerge, the coin will rise and retest the $180 and $185 price levels. On the other hand, if the resistance level remains unbroken, the crypto’ price will accelerate lower towards $165 level or even lower.
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 indicating a few positive signs of a corrective increase above $170 level.
Nevertheless, the bulls must crack the $175 and $180 resistance levels to continue the uptrend. That said, the bulls will face a major resistance near the $185 price level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $175, $180, $185
- Support Levels: $170, $165, $160
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.