In the previous sessions, ETH managed to surpass BTC, with strong gains above the $170 level against the USD. Moreover, ETH price even broke the $180 resistance and traded above the 100 simple moving average (4-hours).

A new 2020 high was formed at $187 and the price has recently started a downside correction. There was a break below the 23.6% Fib retracement level of the recent uptrend from the $170 low to $187 high. The largest altcoin by market cap is now trading near the $180 support area. Besides, there is this formation of a crucial bullish trend line, with support near $178, on the ETH/USD 4-hours chart.

Notably, the 50% Fib retracement level of the recent uptrend from the $170 low to $187 high is also near the $178 level. Therefore, a downside break below the $178 support level might pave way for a massive decline in the short term.

The next major support is near the $175 level, below which there is a risk of a downside extension towards the $170 support area. The 100 simple moving average (4-hours) is also close to the $168 and $170 support areas.

If the bulls manage to protect the $178 support and the trend line, there are chances of a fresh rally. On the upside, the first major resistance is near the $184 level and a connecting bearish trend line on the same chart.

A successful break above the $184 barrier will most likely trigger a strong uptrend in the coming sessions. An immediate resistance is close to the $188 area. A clear break above $188 is likely to pave way for a massive rally towards $200 in the near term.

Technical indicators also suggest that the 4 hours MACD for ETH/USD is slowly moving in the bearish zone. Its 4 hours RSI (Relative Strength Index) is currently declining and approaching the 50 level. Major support level is at $178, whereas major resistance level is also at $188.

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