The price of Ethereum is right now facing a strong resistance near the $184 and $185 levels against the US dollar, the latest ETH news show. The pair is currently in a decline and might struggle to clear the $178 and $176 support levels. As we can see, ETH support is falling and the support area is playing a crucial role for the bulls.
The price of the biggest altcoin is trading above the key $178 support area which remains at a risk and there is a crucial bearish trend line forming with resistance near the $186 region on the 4-hours chart of ETH/USD (as data from Kraken shows).
The bears were the ones who gained pace below the $180 level a while ago – which has since then retraced to the $177 level. It seems like the upside correction above the $180 level came with a break above the 23.6% Fib retracement level of the downward move from the $190 swing high to the $177 low.
On the upside, the ETH support can look optimistic – but only if Ethereum visits the $184 level and the 100 SMA. The $190 swing high which later resulted in a $177 low has broken the cryptocurrency news momentum and positioned it somewhere in the middle.
More importantly, there is a crucial bearish trend line which is forming with resistance near $186 on the 4-hours chart of ETH/USD. Therefore, the price is very likely to face a strong resistance starting with $184 and up to $186.
That said, the price must settle above the $188 and $190 resistance levels in order to move into a positive zone. This is the ETH support everyone is looking forward to – and the next key resistances after this one would come at near the $200 and $205 levels.
On the downside, there are a lot of key support areas near the $178 and $176 levels. If there is a daily close below the $176 support, the price could decline heavily – which is why the next major support is at the $165 and $160 levels.
As you can see from the ETH charts, the price is clearly declining towards the $176 support area. With a current price of $185 and an increase of 1.64%, Ethereum looks stable but is still not too stable in the $180 region.
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