Ethereum (ETH) Price Analysis – ETH Trades At Support, Can $179 Hold Well?

The rejection at $197 has made Ethereum price to cut to $179, an important support zone where the next price movement is most likely to play out. On the upside, $190 remains a key resistance for the bulls. Meanwhile, ETH is turning negative on the technical indicators. The bearish trend may become strong if the supply is increasing.

Ethereum (ETH) Price Analysis: Daily Chart – Bearish

Key resistance levels: $189, $197, $203
Key support levels: $170, $163, $153

On the daily chart, Ethereum was rejected at the forming wedge’s resistance on October 11with a $20 price cut to $179 at the moment. Currently, the market is relying on minor support at $175 but a huge selling pressure could plummet the price to $170, $163 and $153 support (meeting September 26 low) before we can see more falls.

ETHUSD, Daily Chart – October 16

Ether is now waiting at the zero level of the MACD to show that the market is indecisive at the moment. Conversely, the crypto trading signals a downward movement on the RSI indicator. If the bulls can defend the $179 support well, we should see an upswing to $189 to test the wedge’s upper boundary. Moving out of the wedge could further drive Ethereum to $197 and $203 on the upside.

Ethereum (ETH) Price Analysis: 4H Chart – Bullish

On the 4-hours time frame, Ethereum is now testing the channels lower boundary following last weekend price pull at $197. The market has reached a critical price zone as trend reversal or continuation is currently at hand. Penetrating the channel formation could lead to a serious price disintegration to $160 support before next move plays out.

ETHUSD, 4H Chart – October 16

Bouncing off the channel’s support should provide another opportunity for traders to long Ethereum at $169 (testing the grey descending resistance line). Surpassing this resistance line should confirm a short-term bullish continuation and at the same time keep the trend in the ascending channel. Meanwhile, the crypto trading signals a sideways movement on the MACD but the RSI continues to fall to show that the sellers are still present.

ETHEREUM SELL SIGNAL

Sell Entry: $179
TP: $171 / $160
SL: 190

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