The technical correction is ahead for Ethereum since the altcoin is up by more than 20 percent from the previous $150 support area against the USD. Ethereum also gained traction against Bitcoin and the price keeps on correcting lower, remaining well supported as we are reading in the ETH price news.
The ETH price is showing positive signs above the $175 level against the US dollar. The new monthly high was formed close to the $190 range but the price started correcting lower since. There is a key connecting bullish trend line forming with support close to $175 on the 4-hour charts of ETH/USD and the pair will bounce back as long as it stays above $178 support level.
Over the past week, Ethereum started a strong rise from the $150 support area against the US dollar and the ETH price increased by more than 20 percent. This way, the price broke a few hurdles close to the 5 and 0 levels.
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There was a close above $175 and the 100 simple moving average while between the rise, there was a break above this crucial bearish trend line getting close to the resistance of $165 on the 4-hour chart of ETH/USD. The pair extended above $180 and even tested the $190 zone.
The new monthly high was forming close to $190 and the price is correcting lower. Ethereum is testing the 23.6% fib retracement level from the recent rally of $168 swing low to $190 high. On the downside, the initial support is close to the $180 level and it is close to the 50% Fib retracement level of the recent rally from $168 swing low. There is a key connecting bullish trendline close to $175 on the charts. If the price fails to stay above this level and the $175 support, it could start another decline to the $160 zone and the 100 simple moving average.
The current correction wave is finally completing and Ethereum could start a fresh rally above the $188 level while the initial resistance for the bulls will be close to $190 level thanks to the technical correction. This resistance level could open doors for a bigger rally to $200 while the technical indicators are:
- The MACD for the pair is slowly losing pace in the bullish zone.
- The RSI for the pair is currently correcting lower from the 70 levels.
- Major Support Level – $175
- Major Resistance Level – $190
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