- ETH price is finding a strong buying interest near the $ 165 level against the US Dollar.
- The price is currently climbing higher and testing a major resistance area near $ 180 and $ 182.
- There was a break above a major bearish trend line with resistance near $ 176 on the 4-hours chart of ETH/USD (data feed via Kraken).
- There are a few bullish signs emerging, suggesting an upside break above the $ 182 resistance.
Ethereum price is showing positive signs against the US Dollar, while bitcoin is rising. ETH might surge once it clears the main $ 180 and $ 182 resistance levels.
Ethereum Price Weekly Analysis
This past week, there was a major rejection noted near the $ 180 resistance in ETH against the US Dollar. However, bitcoin price remained well bid and gained traction above the $ 10,500 resistance. However, Ether declined below the $ 170 level and 100 simple moving average (4-hours). Moreover, the price retested the main $ 165 support area, where the bulls took a stand.
A swing low was formed near $ 165 and the price recently climbed higher. It broke the $ 175 resistance plus the 50% Fib retracement level of the last decline from the $ 183 high to $ 165 swing low. Moreover, there was a break above a major bearish trend line with resistance near $ 176 on the 4-hours chart of ETH/USD. The pair is now trading with a positive bias above the $ 175 level.
It is currently trading near the 76.4% Fib retracement level of the last decline from the $ 183 high to $ 165 swing low. Additionally, it is testing the $ 180 resistance and the 100 simple moving average (4-hours). If there is an upside break above the $ 180 and $ 182 resistance levels, there could be more gains. The next resistance is near the $ 188 level plus the 1.236 Fib extension level of the last decline from the $ 183 high to $ 165 swing low.
On the other hand, there could be another downside reaction if there is no upside break above the $ 182 resistance. An immediate support is near the $ 175 level, below which the price could test $ 170.
The above chart indicates that Ethereum price is clearly showing a few positive signs above the $ 175 level. If he bulls gain traction above $ 180 and $ 182, there could be a bullish reversal towards $ 190 and $ 195. On the downside, the main support is near the $ 165 level, below which the price could turn bearish in the near term.
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 50 level, with a flat bias.
Major Support Level – $ 165
Major Resistance Level – $ 182