- ETH price struggled throughout the week and moved below $180 against the US Dollar.
- There is a descending channel pattern with support near $170 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is currently recovering and may continue to head higher towards $220 in the near term.
Ethereum price slowly moved lower this past week against the US Dollar and Bitcoin. Now, ETH/USD is attempting a recovery towards $220.
Ethereum Price Support
There was a high formed at $255.74 in ETH price against the US Dollar. Later, the price started correcting lower and moved below the $220-225 support zone. The downside move was such that there was a break below the $200 handle as well. The price even moved below the 50% Fib retracement level of the wave from the $136.51 low to $255.74 high.
However, the downside move was protected by the $180 level. It is near the 61.8% Fib retracement level of the wave from the $136.51 low to $255.74 high. There is also a descending channel pattern with support near $170 forming on the 4-hours chart of ETH/USD. It may act as a major catalyst for the next move. The price is currently attempting to settle above the 100 simple moving average at $205. However, it may not be an easy job for buyers with supports near $195 and $180.
On the upside, the channel resistance is near $220, which could be tested if the price settles above the 100 SMA. On the downside, the channel support and the 61.8% Fib level at $180-178 is a crucial support zone. As long as the price is above $180, there is a chance of a move towards $220 in the near term.
4-hours MACD – The MACD is currently attempting to move from the bearish to bullish zone.
4-hours RSI – The RSI has moved above the 50 level.
Major Support Level – $180.00
Major Resistance Level – $220.00
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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