Ethereum price analysis: ETH/USD struggles to break $180 resistance
|
-
Ethereum recovers from the recent lows although resistance at $180 is limiting movements.
-
ETH/USD technical levels are pointing toward growing bullish momentum in the near-term.
-
A trendline from the lows on Wednesday will continue to offer support.
Ethereum is gradually moving down. Moreover, it has recently broken the $180 support area. Before the lower correction, ETH had formed a short-term top near $183.
ETH/USD four-hour chart
The 50 Simple Moving Average on the four-hour chart is moving above SMA 100 indicating an uptrend momentum. The main support area is at $177 as indicated by SMA 100 while the second support is at $178 as shown by SMA 50.
The Relative Strength Index (RSI) is recovering towards the overbought. Traders must be on the lookout for signs of a reversal as Ethereum approaches overbought conditions in the near-term.
The Moving Average Convergence Divergence signifies a growing bullish momentum especially after crossing into the positive territory. An improving bullish divergence suggests that buyers are gaining ground against the bears. As long as ETH/USD stays above the trendline, we are likely to see a continued bullish action above $180 and even extend the correction to the next hurdle at $190.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.