Ethereum today’s news show that the biggest altcoin in the cryptocurrency space, ETH, is under pressure and could soon slide towards the $175 support region against the US Dollar. Meanwhile, Bitcoin is currently correcting higher and it recently tested the $9,000 support area. There was also a break below a key bullish trend line with support near $186 on the hourly chart of the ETH/USD pair. Currently, Ethereum is losing steam and may soon test the $175 support line.
After climbing above the $190 level a while ago, Ethereum failed to clear the $194 and $195 levels that could possibly propel it above the $200 mark. A swing high was formed near $194 and the price of the cryptocurrency declined below the $190 support.
There was also a close below the $190 support and the 100 hourly simple moving average which opened the doors for more losses for ETH. Many best cryptocurrency news sites reported about Ethereum losing its support below the $185 level which led to the price spiking below the $180 support and trading as low as $179.
At the moment, the price of Ethereum is correcting higher above the $180 level, ever since it broke the 23.6% Fib retracement level of the recent decline from the $194 high to the $179 swing low.
Right now, Ethereum is losing support and the $180 level is acting as a resistance. On the upside, the next resistance is near the $186 level – representing the 50% Fib retracement level of the recent decline from a $194 high to a $179 swing low.
If we see an upside break above $186 soon, the price of Ethereum (ETH) could again test the $190 resistance area. Any further gains might push the price towards the $195 level. An immediate resistance right now is near the 76.4% Fib retracement level as Ethereum is losing steam.
Looking at the chart, the Ethereum price is showing a lot of positive signs above the $175 support, but it might dip further in the short term. That being said, the price of ETH is likely to bounce back above $190 as long as there is no daily close below $175.
The technical indicators for ETH are as following:
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