Ethereum price is currently correcting higher, but it is facing a strong resistance near $180 against the US Dollar.

Bitcoin price is up more than 1.5%, but it is also facing resistance $8,120 and $8,200.

This week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken).

The pair is clearly facing a strong resistance near the $180 level and the 100 hourly SMA.

Ethereum price is currently recovering higher versus the US Dollar, similar to bitcoin. However, ETH price must settle above $180 to continue higher in the near term.

Ethereum Price Analysis

Yesterday, we saw an extended decline in Ethereum below the $180 support against the US Dollar. Moreover, ETH price settled below the $180 support and the 100 hourly simple moving average. The decline was such that the price traded close to the $170 level. A swing low was formed near $171 before the price started an upside correction. It recovered above the $174 and $175 resistances.

Additionally, this week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the last decline from the $188 high to $171 low. Finally, the price spiked above the $178 resistance area. However, the upward move is facing hurdle near the $180 resistance and the 100 hourly simple moving average.

Moreover, the price failed to test the 50% Fib retracement level of the last decline from the $188 high to $171 low. Ethereum retreated from highs and it is currently trading below $178. It seems like the $180 area and the 100 hourly SMA are crucial barriers. Therefore, a successful close above $180 could push the bulls to continue higher in the near term.

If not, there is a risk of another decline below the $175 level. The main support is near the $172 and $170 levels. If there are more downsides, the price is likely to accelerate its decline below the $165 level. The next key support is near the $160 level.

Looking at the chart, Ethereum price is facing a strong resistance near the $180 level and the 100 hourly SMA. If there is a successful close above $180, the price could recover towards the $185 level. An intermediate resistance is near the 61.8% Fib retracement level of the last decline from the $188 high to $171 low.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is likely to move into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 50 level.

Major Support Level – $170

Major Resistance Level – $180