- ETH price is facing a strong resistance near the $184 and $185 levels against the US Dollar.
- The price is trading above the key $178 support, which remains at a risk.
- There is a crucial bearish trend line forming with resistance near $186 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is currently declining and it might struggle to clear the $178 and $176 support levels.
Ethereum price is showing bearish signs below $185 against the US Dollar, similar to bitcoin. ETH price remains at a risk of a downside break below the $176 support area.
Ethereum Price Weekly Analysis
This past week, Ethereum retested the key $190 resistance area against the US Dollar. However, ETH price failed to continue higher, resulting in a fresh decline below the $188 support area.
Moreover, there was a break below the key $186 support area. Finally, there was a close below the $184 support and the 100 simple moving average (4-hours). The bears gained pace below the $180 level and a low was formed near the $177 level.
It seems like the $176-$178 support area is playing a crucial role for the bulls. Recently, there was an upside correction above the $180 level. Furthermore, there was a break above the 23.6% Fib retracement level of the downward move from the $190 swing high to $177 low.
On the upside, Ethereum price seems to be facing a strong resistance near the $184 level and the 100 SMA. The 50% Fib retracement level of the downward move from the $190 swing high to $177 low is also near the $184 level.
More importantly, there is a crucial bearish trend line forming with resistance near $186 on the 4-hours chart of ETH/USD. Therefore, the price is likely to face a strong resistance, starting with $184 and up to $186.
Having said that, the price must settle above the $188 and $190 resistance levels to move into a positive zone. The next key resistances are near the $200 and $205 levels.
On the downside, there are many key supports near the $178 and $176 levels. If there is a daily close below the $176 support, the price could decline heavily. The next major support are near the $165 and $160 levels.
The above chart indicates that Ethereum price is clearly declining towards the $176 support area. Thus, it might either recover nicely above $185 or extend its decline towards $165.
4 hours MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently below the 50 level, with a bearish angle.
Major Support Level – $176
Major Resistance Level – $188
Aayush Jindal , 2019-11-17 06:00:56