Ethereum Price (ETH) Could Breakdown In Short Term, Bitcoin Down 3%

  • ETH price is struggling to continue to move higher above the $ 185 resistance against the US Dollar.
  • The price is likely to decline if bitcoin continues to struggle below the $ 10,250 level.
  • There is a connecting bearish trend line forming with resistance near $ 182 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains at a risk of more downsides as long as the price is below $ 185.

Ethereum price is struggling to gain strength above $ 185 versus the US Dollar since bitcoin is declining. ETH price could spike below the $ 180 support in the near term.

Ethereum Price Analysis

In the past two days, ETH price made two attempts to surpass the $ 185 resistance against the US Dollar. However, bitcoin price struggled to climb higher above the $ 10,350 and $ 10,400 resistance levels. As a result, Ether price also started showing a few bearish signs below the $ 185 resistance. On the positive side, the price is holding the main $ 178 and $ 180 support levels.

The last swing low was formed near the $ 177 level. The price is currently correcting higher above the $ 178 and $ 179 levels. Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $ 185 swing high to $ 177 swing low. On the upside, the $ 182 level is currently protecting gains. Additionally, there is a connecting bearish trend line forming with resistance near $ 182 on the hourly chart of ETH/USD.

The 61.8% Fib retracement level of the recent decline from the $ 185 swing high to $ 177 swing low is also acting as a resistance. If there is an upside break above $ 182, Ethereum price could revisit the $ 185 resistance level. To continue higher and start a decent rise, the price must break the $ 185 and $ 186 resistance levels.

On the upside, an initial support is near the $ 180 level and the 100 hourly simple moving average. The next key support is near the $ 178 level. If there is a downside break below the last swing low, the price could correct further lower towards the $ 170 support area in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price seems to be currently consolidating in a range below the $ 182 and $ 185 resistance levels However, if bitcoin price continues to slide, there are chances of a sharp downward move move in ETH below the $ 175 support area in the coming sessions.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is likely to move back into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently above the 50 level, with a minor bearish angle.

Major Support Level – $ 178

Major Resistance Level – $ 185

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Analysis – NewsBTC

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