- Ethereum price is up more than 3% and recovering above $188 against the US Dollar.
- There was a decent upside correction from the $180 support area.
- There is a key bullish trend line forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin is gaining momentum, but it is now trading near a crucial resistance at $9,100 (as discussed in the weekly forecast).
Ethereum price is recovering nicely above $188 versus the US Dollar, similar to bitcoin. ETH price might recover further towards $195 in the near term.
Ethereum Price Analysis
After a steady decline, Ethereum found support near the $180 level against the US Dollar. A decent support base was formed and ETH price started an upside correction above $182 (as discussed in the weekly forecast).
Moreover, there was a break above the key $186 and $188 resistance levels. The price even settled above the $186 pivot level and the 100 hourly simple moving average. It opened the doors for more gains above the $190 level.
A high was formed near $192 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent wave from the $180 swing low to $192 high.
On the downside, there are many key supports for Ethereum near the $188 and $186 levels. Additionally, there is a key bullish trend line forming with support near $186 on the hourly chart of ETH/USD.
The 50% Fib retracement level of the recent wave from the $180 swing low to $192 high is also near the $186 level to provide support. Besides, the 100 hourly simple moving average is showing positive signs near the $186 level.
Therefore, the price remains well supported on the downside near the $188 and $186 levels. If the price fails to stay above the $186 support and the 100 hourly simple moving average, it could move back into a bearish zone.
On the upside, an immediate resistance is near the $192 level. However, the main resistance is near the $195 level, above which the price is likely to test the $200 resistance area in the near term.
Looking at the chart, Ethereum price is showing decent recovery signs above the $186 and $188 levels. Having said that, bitcoin is facing a strong resistance near $9,100. If BTC clears $9,100, there could be another upward move in ETH above the $192 and $195 resistance levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with positive signs.
Major Support Level – $186
Major Resistance Level – $192
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