Ethereum (ETH) price analysis shows that Ethereum price might not stay above the one hundred and eighty ($180) dollars mark due to the upside correction that happened in the prior week, raising it above the one hundred and eight dollars mark once before ($180).
The queen of cryptocurrency traded between one hundred and eighty-five dollars ($185) to one hundred and ninety dollars ($190) resistance levels, trying to get past. The break for Ethereum price was made, and another break was experienced at one hundred and ninety-two ($192) dollars.
The Fibonacci retracement level at fifty (50%) percent was obliterated on the four-hour chart, in the range one hundred and eighty ($180) dollars on the lower side and two hundred and four dollars ($204) on the top side.
Ethereum price chart by Trading View
The one hundred and ninety-five dollars ($195) mark was also shattered before the Ethereum price came down. It faced the sixty-one percent (61.8%) Fibonacci retracement level from one hundred and eighty dollars ($180) low to two hundred and four ($204) dollars on the topside.
Where is Ethereum price headed?
The ETH/USD pair landed at one hundred and eighty dollars ($180) and tried to go for the one hundred and ninety-two dollars ($192) mark but hasn’t reached it yet.
Ethereum trades in at one hundred and eighty-six ($186.67) dollars with a twenty billion dollars ($20,066,063,29) market cap while its twenty-four (24) hour volume sits above the six billion dollars figure ($6,253,662,953) at the time of writing.
The fifty-five (55) simple moving average (SMA) is above the cryptocurrency as well. The one hundred and eighty dollars ($180) mark acts as the support for ETH below which we will find sustenance at one hundred and seventy-two dollars ($172) and if that fails us then one hundred and seventy dollars ($170) will act as the support.
On the flip-side, we have one hundred ninety-five dollars ($195) mark acting as the major resistance if the bears push past one hundred and ninety-two ($192) and one hundred and ninety-four dollars ($194) resistances.
If the one hundred and ninety-five ($195) dollars mark fails to stop ETH from rising then a marathon to two hundred and two dollars ($202) and later to two hundred and four dollars ($204).
The moving average convergence/divergence (MACD) is gaining momentum in the bearish zone while the relative strength index (RSI) is declining below the fifty (50) mark- bearish as it sounds.