Ethereum price corrected lower after it struggled near the $185.00 resistance. ETH is currently approaching the key $172.80 support, where bulls are likely to take a stand.
- Ethereum price failed to gain strength above the $185.00 and $186.50 resistances.
- A crucial bullish trend line is formed with support at $173.00 on the 30-minute chart.
- ETH is likely to bounce back from the $172.80-173.00 support area in the near term.
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Ethereum Price Analysis
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded nicely from the $175.00 support and climbed above the 25 simple moving average (30-min). However, the price topped near the $185.00 resistance and recently declined below the $182.50 support.
There was a break below the $178.00 pivot level and the 50% Fib retracement level of the recent wave from the $175.00 low to $185.06 high. Besides, there was a close below the $180.00 level and the 25 simple moving average (30-min).
The price is currently trading near the 76.4% Fib retracement level of the recent wave from the $175.00 low to $185.06 high, and it may continue to move down in the short term.
However, there is a strong support formed near the $172.00-173.00 area. There is also a crucial bullish trend line formed with support at $173.00 on the same chart. Therefore, if the price tests the $172.00-173.00 support area, it is likely to bounce back above $177.00 and $180.00.
On the upside, the main resistance is near the $185.00 and $186.50 levels, above which the price could start a strong rise towards the $195.00 and $198.00 levels.
Conversely, if Ethereum price fails to stay above the $172.00 support, there could be additional losses towards the $168.00 support. The overall price action is bullish on higher timeframe charts, but in the short term, there could be corrective moves in bitcoin, ETH, ripple, bitcoin cash, monero, cardano and other altcoins.
The market data is provided by TradingView, Bitfinex.