Monday, December 9, 2019

Ethereum (ETH) Holding Key Support But For How Long?

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  • Ethereum price is trading nicely above the key $182 and $180 support levels against the US Dollar.
  • The price is currently facing many resistances such as $187, $188 and $190.
  • Recently, there was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is holding the $8,650 support, but it remains at a risk of more downsides.

Ethereum price is still stuck in a broad range versus the US Dollar, while bitcoin is facing selling pressure. ETH price might recover higher unless the bulls fail near $180.

Ethereum Price Analysis

In the past three sessions, there were mostly range moves in Ethereum above the $182 support against the US Dollar. ETH tested the $182 support recently, settled below the 100 hourly simple moving average, and it is currently recovering higher.

It corrected above the 23.6% Fib retracement level of the downward move from the $192 swing high to $182 low. Moreover, there was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD.

However, the price faced a strong resistance near the $187 level. It represents the 50% Fib retracement level of the downward move from the $192 swing high to $182 low.

At the outset, Ethereum is trading with a bearish angle below $187 and the 100 hourly SMA. It might continue to decline, but there are many supports on the downside, starting with $184.

The next key support is near the $182 area, where the bulls are likely to take a stand. To push the price further into a bearish zone, the bears need to gain pace below the $182 and $180 support levels.

On the upside, the $187 level and the 100 hourly SMA are initial hurdles. A convincing break above the $187 and $188 resistance levels could push the price towards the $192 high.

Finally, a clear break above the $192 level is must for upside continuation. The next key resistance are near the $198 and $200 levels, above which it could test $205.

Looking at the chart, Ethereum price is showing a few positive signs, but it is facing a lot of hurdles such as $187, $188 and $190. On the downside, the $182 and $180 support levels hold the key. If there is a breakdown below $180, the price may perhaps decline towards $168.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is struggling to gain strength in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently declining and it is now just below the 50 level.

Major Support Level – $182

Major Resistance Level – $188

The post Ethereum (ETH) Holding Key Support But For How Long? appeared first on NewsBTC.

Analysis: Ethereum (ETH) Holding Key Support But For How Long? published by NewsBTC

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