Ethereum price is holding the key $175.00 support area. ETH bulls seem to be gaining traction and they might take control if the price clears the $185.00 resistance area.
- Ethereum price is trading nicely above a crucial support area near the $175.00 level.
- A significant bullish trend line is still in place with support at $176.50 on the 30-minute chart.
- ETH is likely to climb higher towards the $185.00 and $188.00 resistance levels in the near term.
Read: Trade Crypto with City Index
Ethereum Price Analysis (ETH to USD)
After trading towards the $188.00 level, Ethereum price started a downside correction. ETH price declined below the $182.00 and $180.00 levels, but the $175.00 area acted as a strong support this week and protected a downside break.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair consolidated in a range above the key $175.00 support area in the past few sessions. Bears made many attempts to push the price below the $175.00 support, but they failed.
There was a break below the 25 simple moving average (30-min) and the 50% Fib retracement level of the last major upside from the $166.87 low to $187.96 high. However, bulls managed to protect the $175.00 support area.
Moreover, the 61.8% Fib retracement level of the last major upside from the $166.87 low to $187.96 high acted as a solid support. The price is currently consolidating and it recently climbed above a short-term resistance at $180.00 and the 25 SMA.
If the price continues to move higher it could revisit the $185.00 resistance area. The main resistance is near the $188.00 level, where sellers might take a stand. If there is an upside break above $188.00, Ethereum is likely to trade to a new 2019 high above the $190.00 level.
On the downside, the $175.00 support holds a lot of importance for Ether price. If ETH fails to stay above the $175.00 support area, there could be an extended decline towards the $166.70 swing low. In the mentioned scenario, there could be bearish moves in bitcoin, ripple, bitcoin cash, litecoin, cardano and other altcoins as well.
The market data is provided by TradingView, Bitfinex.