Ethereum Weekly Report Shows it's Trading Near Last Line of Defence
Ethereum posted positive price movement above the $180 and $182 supports against the United State Dollar. The second leading coin by market capitalization unsuccessfully attempted to rise above the $188 and $190 resistance levels. Meanwhile, it formed a high along $190 and the price set off into a fresh decline.
Nevertheless, it would break the $186 support level and maintain movement towards the range support area. The coin also broke below the $185 level and the 100 SMA. On the other hand , it also opened the door for more losses, resulting in the price trading around the $182 support.
Ethereum Price PinPoints
- Ethereum Price is struggling with the $188 resistance
- Price is presently trading near the $182 support area, a key support level
- A key bearish trend line is steadily forming near the $185 on the hourly chart of the ETH/USD trade pairs.
The range support is a significant price level near the $180 and $182. In case, the coin fails to consistently consolidate its position along this zone, chances exist of a sharp breakdown. Note the next major supports are near the $175 and $172 levels. An initial resistance is also forming around the $184 level. Ethereum weekly chart has it’s quote clamped within the triangle pattern. Therefore indicating market uncertainty plus declining volatility. However, one of the price trend lines seems broken and shows significant movement towards the breakdown is possible. Besides a 23.6% Fib retracement level of the recent price drop from a whopping $190 high to $182 low is closing on to $184. Regardless, a key bearish zone is forming with resistance around the $185 hourly ETH/USD chart. Well, above this trend line the price might correct high towards the $186 resistance.
In addition, the 50% Fib retracement level of the recent price decline from $190 high to $182 low is closing on to the $186 level to form a price resistance. Hence, to avoid a bearish break below the $180 support area, a close beyond the $186 level and the 100 Simple Moving Average is necessary.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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