Ethereum Price (ETH) Approaching Next Break While Bitcoin Is Correcting
- ETH price started a downside correction after testing the $202 resistance area against the US Dollar.
- The price is currently trading below $198 and is trading near the $194 support area.
- This weeks followed key bullish trend line with support near $194 is active on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely approaching the next break either above $200 or below $192 in the near term.
Ethereum price is setting up for the next key break versus the US Dollar, while bitcoin is correcting gains. ETH price could decline heavily if it breaks the $190 support.
Ethereum Price Analysis
Yesterday, we saw a nice upward move above the $195 and $200 resistances in ETH price against the US Dollar. Bitcoin price also climbed positively towards the $11,000 level before correcting lower. On the other hand, ripple price struggled to continue above the $0.2920 resistance and declined below the $0.2840 support area. Overall, the crypto market climbed higher, but faced a strong resistance.
Ethereum price topped near the $204 level and cleared failed to gain strength above the $202 resistance level. As a result, there was a downside correction below the $200 level. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $184 low to $204 swing high. The price is now trading below the $195 level and the 100 hourly simple moving average.
However, the $194 area is currently acting as a support. Additionally, the 50% Fib retracement level of the upward move from the $184 low to $204 swing high is also providing solid support. More importantly, this weeks followed key bullish trend line with support near $194 is active on the hourly chart of ETH/USD. If there is a downside break below the trend line, the price could decline towards the $190 support area.
On the upside, there is a key resistance forming near $198 and $200. Once there is a proper break above $200, there are chances of upside continuation above the $202 resistance area. The next major hurdle for the bulls on the upside is near the $215 level.
Looking at the chart, Ethereum price is likely approaching the next break either above $200 or below $192 in the near term. If the price continues to struggle near the $200 and $202 resistance levels, there are chances of a strong downward move in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $190
Major Resistance Level – $202