Ethereum Price Weekly Anticipate: Significant Support on Risk

The price of ETH faces strong resistance near the $184 and $185 levels against the US dollar.
The price is quoted above the main support of $178, which is at risk.
In the 4-hour chart (data feed through KKken) of ETH / USD, $186 has a significant downtrend line with resistance.
The pair is currently declining and may have difficulty eliminating support levels of $178 and $176.
Ethereum costs less than $185 against the US dollar, similar to Bitcoin. The price of ETH remains below the support area of ​​$176 at the risk of a negative break.

Ethereum weekly price analysis

Last week, Ethereum withdrew the dominant resistance zone of $190 against the US dollar. However, the price of ETH failed to continue rising, which resulted in a further fall below the $188 support zone.

In addition, the key was a break below the $186 support area. In the end, $184 support and 100 was a close below the simple moving average (4 hours). The bears gained momentum below the $180 level and a low formed near the $177 level.

The $176– $178 support area seems to be playing an important role for bulls. Recently, there was an improvement above the $180 level. In addition, there was a break above the 23.6% fiber retracement level of a downward movement of a $190 swing to a low of $177.

On the positive side, Ethereum's price faces strong resistance near the $184 and 100 SMA level. The 50% retracement level of the downward movement from the $190 swing to the $177 low is also close to the $184 level.

More importantly, in the 4-hour ETH / USD chart, $186 has a significant downtrend line with resistance. Therefore, the price may face strong resistance, from $184 to $186.

That said, the price should be set above the $188 and $190 resistance level to move into positive territory. The next big resistance is near the $200 and $205 level.

On the negative side, the $178 and $176 levels have several important supports. If there is a daily close below the $176 support, the price could drop dramatically. The next main support is close to the $165 and $160 levels.
The table above indicates that the price of Ethereum is clearly decreasing towards the support area of ​​$176. Therefore, you can recover more than $185 or increase the decrease towards $165.

Technical indicators

4-hour MACD: MACD for ETH / USD is gradually moving to the recession zone. 4-hour RSI: the RSI for ETH / USD is currently below the 50 levels with a bearish angle. Key Support Level: $ 176. Major Resistance Level - $ 188