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  • ETH price declined to a new monthly low at $173 and recently recovered against the US Dollar.
  • There was a break above the $180 and $182 resistance levels.
  • This week’s followed major bearish trend line is in place with resistance near $202 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong resistance near the $190 and $195 levels.

Ethereum price is currently recovering from new lows versus the US Dollar, while struggling vs bitcoin price. ETH price might continue to slide if it fails to surpass $195.

Ethereum Price Analysis

Yesterday, there was a nasty decline in bitcoin price below the $10,000 support. ETH price also declined heavily below the $200 and $190 support levels. Later, the price gained bearish momentum below the $185 support level. Moreover, there was a break below the $180 level and a close below the 100 hourly simple moving average. Finally, the price traded to a new swing low at $174 and recently started an upside correction.

There was a break above the 23.6% Fib retracement level of the downward move from the $210 high to $174 low. Moreover, the price is currently showing positive signs above the $182 and $185 levels. However, there are many important resistances on the upside near the $190 and $192 levels. Besides, the 50% Fib retracement level of the downward move from the $210 high to $174 low is also near the $192 level.

If there is an upside break above $192, the price could correct higher towards the $195 resistance. The main resistance is near the $200 area (the previous support zone). More importantly, this week’s followed major bearish trend line is in place with resistance near $202 on the hourly chart of ETH/USD. Therefore, the price is likely to face many hurdles on the upside, starting with $190 and up to $200.

On the downside, an initial support is near the $182 level, below which the price might even trade below $180. The main support is near the $174-$175 area. If there are more downside, the price could slide significantly.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is facing many barriers on the upside near $190. However, there are chances of a short term recovery above the $190 level. The target could be near the $200 level, where the bears are likely to appear again. Conversely, a break below the $182 and $175 supports may call for a drop to $162.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently struggling to stay above the 50 level.

Major Support Level – $182

Major Resistance Level – $192

The post Ethereum Price (ETH) Recovery Could Face Hurdles Near $190-$195 appeared first on NewsBTC.

 


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