Ethereum made a downward revision, but found support near $174.
- Analysis of the price of Ethereum on May 7
- Analysis of the price of Ethereum on May 8
- Ethereum price analysis on April 11
- Ethereum price analysis on April 17
- Ethereum price analysis on April 16
- Ethereum price analysis on April 8
The currency price has seen strong buying interest and is currently moving towards $185.
On the hourly price chart, the important bullish trend line highlighted yesterday was very active, with support at $175.
The pair was positive above $175 and may continue to move higher.
Ethereum price analysis
Recently, Ethereum prices have been revised downwards from the direction of $188. During the decline, Ethereum fell below the support of 184 US dollars and 180 US dollars, 176 US dollars, but was supported when it reached 174 US dollars. In addition, the last fluctuating 61.8% Fibonacci retracement (from a low of $164 to a high of $188) also played a supporting role. Ethereum has formed a good support around $174, and prices are currently rising.
In the ascending process, Ethereum broke through the resistance of $176 and the 23.6% Fibonacci retracement of the last decline (from a high of $188 to a low of $174). More importantly, the price of the currency broke through the bearish trend line of the connection, with resistance at $177. This opened the door for further gains and testing for $180. However, it seems that the last 50% Fibonacci retracement (from a high of $188 to a low of $174) seems to be a short-term resistance.
If Ethereum falls to a lower level, there will be a large number of buyers near $176 and $175. In addition, on the hourly price chart, the important bullish trend line highlighted yesterday was very active, with support at $175. Therefore, if Ethereum falls, the price will be well supported around $175 and $174. On the other hand, a break of the $180 resistance level will push the price toward the $184 and $185 levels.
As you can see from the chart, Ethereum is in the positive range of more than $174. A new round of decline will only begin below the $174 and 100-hour simple moving averages. Above $185, the next few important resistance levels will be $188 and $190.
Technical indicator signal
MACD per hour – MACD is slowly rising in the bullish range
RSI per hour – RSI climbs above 50 and 55
Main support level – $175
Main resistance level – $185
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Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.