Ethereum hit a new high of $188, followed by a downward revision.
- Analysis of the price of Ethereum on May 7
- Ethereum price analysis on April 11
- Analysis of the price of Ethereum on May 8
- Ethereum price analysis on April 10
- Ethereum price analysis on April 8
- Ethereum price analysis on May 6
The currency was revised to below $180 and tested the key support area of $174-$175.
On the hourly price chart, there is a major bullish trend line with support at $174.
Ethereum is still well supported during the downturn and may test $188 and $189 in the short term.
Ethereum price analysis
Yesterday, Ethereum broke through the resistance level of 180 US dollars and rose again. Soon after, Ethereum broke through $185 again and tested $188. The deal was trying to keep rising, but it was revised to below $185. In the downside, Ethereum fell below $180 and the last volatility of the 50% Fibonacci retracement (from a low of $165 to a high of $188). The price of the currency even fell below $175, but the $174 played a very strong supporting role.
In addition, the last fluctuating 61.8% Fibonacci retracement (from a low of $165 to a high of $188) also served as a support. Subsequently, Ethereum rose to above $176 and $178, and even broke through $180, but the $183 level prevented further increases in trading pairs. In the chart, there seems to be a bearish trend line with resistance at $182. Ethereum's breakthrough of $184 and the trend line will open the door for further gains.
The next key resistance is at $188. Above this level, Ethereum will likely test $190. If the price falls, $175 and $174 will play a supporting role. On the hourly price chart, there is a major bullish trend line with support at $174. The support level near the trend line of $174 is also consistent with the 100-hour simple moving average.
As you can see from the chart, the Ethereum price seems to be above several important support levels around $174. As long as the price is higher than 174 dollars and 100 hours SMA, the price may rebound to 184 dollars and 188 dollars, and may even rebound to the 190 dollar mark.
Technical indicator signal
MACD per hour – MACD is about to return to the bullish range
RSI per hour – RSI drops and tests key 50 levels
Main support level – $174
Main resistance level – $182
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