Ethereum price recently rose higher above the $175 resistance level. Will the ETHUSD pair continue the uptrend or decline below the $180 price level?
Ethereum Price Technical Analysis
In retrospect, the price of Ethereum (ETH) was in a range-bound movement below the 12 and 26-day Exponential Moving Averages (EMAs). Since July, ETH bulls tested the $320 resistance level but were resisted, and the price commenced its downward move, breaking the $200 support level. Ethereum price is trading at the $180 level at the time of writing.
On the downside, if the bulls fail to hold on to the $180 level, the crypto’ price will depreciate towards the $178 level. On the upside, if more buyers emerge, the coin will resume its uptrend towards $185 level. In the meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is in a bullish trend. There is a key breakout pattern forming with support near $180. If there is an upside break above the $182 level, the price of ETHUSD will climb above the $185 resistance level.
Nevertheless, the bulls were resisted as the bears broke below the EMAs. The price is range-bound below the EMAs. In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $182, $185, $190
- Support levels: $178, $175, $170
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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