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Ethereum Trading Near Make-or-Break Levels: Can ETH Bulls Save The Day?

Ethereum surged to a new 2020 high at $187 and it is currently correcting lower against the US Dollar, similar to bitcoin. ETH price must stay above $178 to continue higher in the near term. ETH price is currently correcting lower from the $187 yearly high against the US Dollar. The price could decline heavily if it breaks the $178 and $175 support levels. There is a crucial bullish trend line forming with support near $178 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair could either surge again above $187 or it might extend its correction towards $170. Ethereum Price Testing Important Support This past week, Ethereum managed to outpace bitcoin, with strong gains above the $170 level against the US Dollar. ETH price even broke the $180 resistance and settled above the 100 simple moving average (4-hours). It traded to a new 2020 high at $187 and recently started a downside correction. There was a break below the 23.6% Fib retracement level of the last upward move from the $170 swing low to $187 high. Ethereum price is now trading near the $180 support area. Besides, there is a crucial bullish trend line forming with support near $178 on the 4-hours chart of ETH/USD. Ethereum Price More importantly, the 50% Fib retracement level of the last upward move from the $170 swing low to $187 high is also near the $178 level. Therefore, a downside break below the $178 support level might spark a strong decline in the short term. The next main support is near the $175 level, below which there is a risk of a downside extension towards the $170 support and pivot area. The 100 simple moving average (4-hours) is also positioned near the $168-$170 support area. ETH To $200? If Ethereum bulls are able to protect the $178 support and the trend line, there are chances of a fresh increase. On the upside, an initial resistance is near the $184 level and a connecting bearish trend line on the same chart. A successful break above the $184 barrier will most likely open the doors for a larger upward move in the coming sessions. An immediate resistance is near the $187-$188 area. A clear break above $188 is likely to lead the price towards the $200 handle in the near term. Technical Indicators 4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone. 4 hours RSI – The RSI for ETH/USD is currently declining and approaching the 50 level. Major Support Level – $178 Major Resistance Level – $188 The post appeared first on NewsBTC.

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