Ethereum

Ethereum Price Analysis: ETH/USD Remains Sell On Rallies Near $186

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Key Highlights

  • ETH price found support near the $165 level and later recovered slightly against the US Dollar.

  • There was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could trade above $180, but it could face a strong resistance near the $186 level.

Ethereum price is currently consolidating against the US Dollar and bitcoin. ETH/USD is likely to face a strong resistance near the $186 and $190 levels.

Ethereum Price Analysis

Yesterday, we saw a major downside move below the $170 level in ETH price against the US Dollar. The ETH/USD pair traded as low as $165 and later started a short term recovery. It moved above the $170 and $175 levels and later started consolidating in a tight range. The price also moved above the 23.6% Fib retracement level of the last decline from the $208 swing high to $165 low.

More importantly, there was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETH/USD. The pair is currently struggling to clear the $180 resistance area. Above $180, the next resistance is near the $186 level. It represents the 50% Fib retracement level of the last decline from the $208 swing high to $165 low. Therefore, if the price continues to move higher, it is likely to face a strong selling interest near $180 or $186. A close above $186 may open the doors for a push towards $200.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is showing positive signs above the 170 level, but it won’t be easy for buyers. On the downside, an initial support is at $172 followed by $170. If there is a break below the recent low of $165, the price could drop to $160.

Hourly MACD – The MACD is currently placed in the bullish zone.

Hourly RSI – The RSI managed to move above the 50 level.

Major Support Level – $170

Major Resistance Level – $186

 

 

Source: https://www.newsbtc.com/2018/11/16/ethereum-price-analysis-eth-usd-remains-sell-on-rallies-near-186/

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