ETH Price Is Holding On To Key Support Levels, But For How Long?

ETH Price Is Holding On To Key Support Levels, But For How Long?

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Aside from the Bitcoin news updates showing that BTC is trapped, the other news in the altcoin world indicate that some altcoins are in a good territory despite the bearish momentum. One of them is Ethereum (ETH), which has been holding on to the $178 level for a couple of day. As the ETH price is holding on to key support levels, we can see that the bulls failed to push the price further higher and it remained below the $185 resistance.

This is how a swing high was formed near the $182 level – making the Ethereum todays news seem a bit bullish. The bears made two attempts before this and tried to push the ETH price below the $170 support, but failed to gain strength. As a result of this, there was an upside correction above the $172 level.

The previous support near the $175 level and the 100 hourly SMA is currently acting as a resistance. Additionally, the 50% Fibonacci retracement level of the recent drop from a $182 high to a $170 low is also acting as a resistance point. More importantly, there is a major contracting triangle which is forming with support near $170 on the hourly chart of ETH/USD.

If we see a downside break below the $170 support, the ETH price is holding on to key support levels could start declining. In such events, the next key support is near $165 below which the price is very likely to test $160. Conversely, a break above $185 would illustrate the start of a bullish acceleration.

When seeing the Ethereum latest news and the charts, the Ethereum price is clearly preparing for the next move – either above $185 or below $170. Just like Bitcoin, ETH is trapped in some position and as long as the price is below the $175 pivot level, there is a solid risk of a downside break.

The technical indicators for ETH are as following:

  • Hourly MACD – The MACD for ETH/USD is still moving slow in the bull territory.
  • Hourly RSI – The RSI for ETH/USD is right now just above the 40 level, indicating a positive angle.
  • Major Support Level is at $170
  • Major Resistance Level is at $182

While the ETH price is holding on to support, the daily volume is quite low. The total crypto market cap right now is at $217 billion.

The post ETH Price Is Holding On To Key Support Levels, But For How Long? appeared first on DC Forecasts – Leading Digital Currencies.



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ETH Price Is Holding On To Key Support Levels, But For How Long?
ETH Price Is Holding On To Key Support Levels, But For How Long?
ETH Price Is Holding On To Key Support Levels, But For How Long?

ETH Price Is Holding On To Key Support Levels, But For How Long?

ETH Price Is Holding On To Key Support Levels, But For How Long?