Ethereum price is currently correcting higher and is trading above $172 against the US Dollar.

Bitcoin price is up more than 4% and it broke the key $8,200 resistance area.

There was a break above a key bearish trend line with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could recover further towards the $180 level, which is a major hurdle for the bulls.

Ethereum price is slowly climbing higher versus the US Dollar, while bitcoin is up 5%. However, ETH price is likely to face a strong resistance near the $180 area.

Ethereum Price Analysis

This past week, Ethereum tested the $168 and $170 support levels on two occasions against the US Dollar. However, the bears were not able to gain strength below $168. As a result, there was a short term upside correction above the $172 resistance. More importantly, bitcoin rallied more than 5% and climbed above the key $8,200 resistance area.

During the rise, ETH price even broke the $175 resistance and the 100 hourly simple moving average. Moreover, there was a break above a key bearish trend line with resistance near $172 on the hourly chart of ETH/USD. The pair tested the $177-178 area and it is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the recent recovery from the $169 low to $176 high.

Additionally, it seems like the $175 level and the 100 hourly SMA are acting as supports. If there are more downsides, Ethereum price could test the $172 support area. Moreover, the 50% Fib retracement level of the recent recovery from the $169 low to $176 high is also near the $172 area to act as a major support. Any further losses could push the price back towards the key $168 support area.

On the upside, there are many important hurdles near the $178 and $180 levels. To move into a positive zone, the price has to move above the $180 resistance. The next key resistance is near the $185 level, above which ETH could start a solid upward move.

Looking at the chart, Ethereum price is clearly recovering and it is showing positive signs above $175. However, the price is likely to fail near the $180 or $185 resistance area. On the downside, the $168 level holds the key, below which the price could decline towards the $162 and $160 support levels in the near term.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $172

Major Resistance Level – $180