Ethereum Price (ETH) Could Continue Higher While Bitcoin Struggles

  • ETH price climbed higher recently and settled above the $ 175 resistance area against the US Dollar.
  • The price is currently consolidating gains and it might continue to rise towards $ 185 or $ 190.
  • There is a key breakout pattern forming with support near $ 180 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could dip a few points towards $ 176 or $ 175 before it could start a fresh increase.

Ethereum price is showing positive signs above $ 175 versus the US Dollar, while bitcoin is struggling. ETH price remains supported on dips and it could rise further.

Ethereum Price Analysis

Recently, there was a solid rise in ETH price above the $ 175 resistance area against the US Dollar. However, bitcoin price struggled to gain momentum above the $ 10,500 resistance area. The recent rise in pushed Ethereum above the $ 180 level and the 100 hourly simple moving average. Moreover, the price traded close to the $ 185 level and recently started a short term downside correction.

It traded below the $ 180 level and the tested the 23.6% Fib retracement level of the upward move from the $ 165 low to $ 185 high. At the outset, there is a key breakout pattern forming with support near $ 180 on the hourly chart of ETH/USD. It seems like the price might decline a few points below the trend line support at $ 180. The next key support is near the $ 178 level and the 100 hourly SMA.

Additionally, the 50% Fib retracement level of the upward move from the $ 165 low to $ 185 high is near the $ 175 level to act as a support. If the price continues to slide, there are chances of a trend reversal towards the $ 170 support area. The 76.4% Fib retracement level of the upward move from the $ 165 low to $ 185 high is also near $ 170. Conversely, an immediate resistance on the upside is near the $ 182 level.

If there is an upside break above the $ 182 level, the price could attempt to surpass the $ 185 resistance area. Above $ 185, the price is likely to continue higher towards the $ 190 and $ 192 resistance levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading with a positive bias above the $ 175 and $ 178 support levels. Only an hourly close below $ 175 might negate the current positive bias. On the upside, the price will most likely gain bullish momentum once it clears the $ 182 and $ 185 resistance levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently moving in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently declining and it struggling to hold the 50 level.

Major Support Level – $ 175

Major Resistance Level – $ 185

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Analysis – NewsBTC

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