After Ethereum formed support near $165, the upward momentum was good.
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Ethereum broke through the $175 and $180 resistance levels and formed a new high of $188.
In the process of rising, Ethereum broke through the main bullish trend line, with resistance at $172.
The trading pair tested a key technical level and the price could be revised to below $180.
Ethereum price analysis
After a substantial correction, Ethereum found support around $154. Subsequently, prices began to rebound and rose above $164, $165, $168 and the 100-hour simple moving average. Buyers gained control and pushed prices up to the 61.8% Fibonacci retracement of the last decline (from a high of $180 to a low of $154). This opened the door for further breaks of the $175 and $180 resistance levels.
In addition, during the ascent, Ethereum broke through the main bullish trend line with resistance at $172. Ethereum surpassed the last $180 high and formed a new high of $188. More importantly, the currency test tested the 1.236 FIB extension level of the last decline. In the beginning, the currency seems to be consolidating gains around $185, but may fix a few points to $180 in the short term.
If the currency price continues to fall, Ethereum will be revised to the $175 and $174 support areas. However, Ethereum may encounter a large number of buyers around $180 and $175 when it falls. If the price rises, Ethereum will likely break through the $188 and $190 resistance levels. The next key resistance is at $200. Sellers may appear when Ethereum is upgraded to this area.
As can be seen from the chart, the price of Ethereum has clearly exceeded the resistance of $175 and $180. If the price continues to fall, the above two prices may play a supporting role. Overall, the transaction is biased towards the right angle, and the probability of a gain of more than $190 is high.
Technical indicator signal
MACD per hour – MACD gains momentum in the bullish range
RSI per hour – RSI breaks through the bearish trend line and climbs to 75 or more
Main support level – $180
Main resistance level – $190
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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.