Ethereum (ETH) Price Hesitates But Further Gains Seem Likely

THELOGICALINDIAN - Ethereum amount remained able-bodied bid on the downside against the US Dollar and bitcoin ETH adapted lower afresh but it begin a able abutment abreast the 174175 area

Ethereum Price Analysis

Yesterday, we saw a beginning access aloft the $180 attrition in Ethereum amount adjoin the US Dollar. The ETH/USD brace traded aloft the $185 akin and activated the $188 level. The brace struggled to absorb the bullish drive and after adapted beneath the $185 level. There was a breach beneath the $180 akin and the 50% Fib retracement akin of the aftermost beachcomber from the $165 low to $188 high. There was alike a fasten beneath the $175 level, but the $174 akin acted as a able support.

Besides, the 61.8% Fib retracement akin of the aftermost beachcomber from the $165 low to $188 aerial acted as a support. The amount bounced aback and traded aloft the $176 and $178 levels. It alike acicular aloft the $180 level, but the $183 akin prevented gains. It seems like there is a abutting bearish trend band in abode with attrition abreast $182 on the alternate blueprint of ETH/USD, which is acting as a hurdle. A bright breach aloft the trend band and $184 ability open the doors for added gains.

The abutting key attrition is abreast the $188 level, aloft which the amount is acceptable to analysis the $190 level. On the downside, there is a able abutment formed abreast $174 and $175. There is additionally a above bullish trend band in abode with abutment at $174 on the aforementioned chart. The trend band abutment abreast $174 additionally coincides with the 100 alternate simple affective average.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum amount seems to be trading aloft a brace of important supports abreast $174. As continued as the amount breach aloft $174 and the 100 alternate SMA, it is acceptable to animation aback appear $184 and $188. There are alike affairs of a breach aloft the $190 level.