- Ethereum price declined recently and traded below the $180 support area against the US Dollar.
- Bitcoin is under pressure and it seems to be struggling to stay above the $9,000 support.
- There is a new connecting bearish trend line forming with resistance near $183 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent upward move if it breaks the $183 and $185 resistance levels.
Ethereum price is showing a few bearish signs versus the US Dollar, similar to bitcoin. However, ETH price is likely to find a strong support near the $175 level.
Ethereum Price Analysis
In the past few sessions, there was a steady decline in Ethereum below the $185 support area against the US Dollar. Moreover, there was a close below the $185 level and the 100 hourly simple moving average.
Finally, ETH spiked below the $180 support and traded to a new intraday low near $177. Recently, there was an upside correction above the $180 and $182 levels.
Ethereum price managed to move above the 23.6% Fib retracement level of the recent drop from the $194 high to $177 low. However, the previous support near the $185 area acted as a resistance and prevented an upside break.
Besides, the pair failed to test the 50% Fib retracement level of the recent drop from the $194 high to $177 low. More importantly, there is a new connecting bearish trend line forming with resistance near $183 on the hourly chart of ETH/USD.
The 100 hourly SMA is also near the $183 level. Therefore, an upside break above the $183 level might push the price above the $185 resistance. The next key resistance is near the $188 level, followed by $190.
On the downside, an immediate support is near the $178 level. The main support is near the $175 level, where the bulls are likely to take a stand. If there is a downside break below the $175 level, there are chances of more losses below the $172 and $170 levels.
Looking at the chart, Ethereum price is struggling to hold the $180 and $178 supports. It could either…