Ethereum Price (ETH) Struggling Near $180 While Bitcoin Breaks Key Resistance

ETH price recovered nicely above the $172 and $175 resistance levels against the US Dollar.
The price is currently struggling to break an important resistance area near the $180 level.
There is a new key bullish trend line forming with support near $175 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price surged more than 6% in the past few hours and broke the main $10,000 resistance.

Ethereum price is testing key resistance after a decent rally versus the US Dollar, and bitcoin is up 6%. ETH price seems to be struggling near $180 and is correcting lower.

Ethereum Price Analysis

Yesterday, we discussed a few key resistances for ETH price near the $172 and $175 levels against the US Dollar. The price rallied recently and broke the $175 resistance level. Moreover, there was a close above the $175 level and the 100 hourly simple moving average. More importantly, bitcoin price performed really well and surged above the $10,000 and $10,200 resistance levels.

However, Ethereum price ran into a crucial resistance area near $180 (as discussed in the weekly forecast). It faced a strong resistance and failed to continue higher above $180. A swing high was formed near $182 and the price is currently correcting gains. It traded below the 23.6% Fib retracement level of the recent rally from the $168 swing low to $182 high.

On the downside, there are a couple of important supports near the $175 level. Additionally, there is a new key bullish trend line forming with support near $175 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent rally from the $168 swing low to $182 high is also waiting near the trend line support. Therefore, the $175 level might act as a strong support in the near term.

If the price fails to stay above the $175 support, it could decline further towards the $173 level and the 100 hourly simple moving average. On the upside, the main resistance is near the $180 and $182 levels. A successful close above $180 is needed for bullish continuation. The next key resistances are near the $190 and $192 levels.

Looking at the chart, Ethereum price is clearly retreating from the $180 resistance level. On the downside, the $175 level holds the key. If the price fails to bounce back from $175, it might resume its decline in the coming sessions.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level $175

Major Resistance Level $180-$182

The post Ethereum Price (ETH) Struggling Near $180 While Bitcoin Breaks Key Resistance appeared first on NewsBTC.

02.09.2019 / 20:40 15
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