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.
Bottom LineIn 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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