Key Highlights
The $180.00 level proved significant for the ETH/USD pair, as it prevented a break towards $200.00.
There are two important bullish trend lines positioned above $130.00 on the 4-hour chart.
ETH/BTC trimmed more than 10% of its recent gains, and currently trading below the 0.078BTC resistance.

Technically, the hourly chart indicators are above their mid-levels, but lacks bullish momentum.

Ether Price to Correct Further?

Yesterday, we analyzed an important reaction level at $180.00 where the ETH/USD pair was seen struggling. As a result, an indecision pattern formed on the hourly chart just around the same mark.

Ether Price Technical Analysis

The pair failed to clear $180.00. It attempted twice to surpass the stated level, but was unsuccessful, and later moved down sharply below $150.00.

The hourly chart highlights a major drop from $180.00 to $140.00. The downside gained pace with three outside, down bearish patterns. A new intraday low was formed just below $140.00 before the pair found support and started a recovery.

ETH/USD moved above the 38.2% Fibonacci retracement level of the last drop from the $180.23 high to $136.18 low. At the moment, a bearish trend line at $165.00 is preventing further upsides.

The trend line resistance is just around the 61.8% Fibonacci retracement level of the last drop from the $180.23 high to $136.18 low. It clearly holds a lot of importance, and Ether buyers may struggle to break it in one attempt.

When we look at the 4-hour chart of ETH/USD, there are two key bullish trend lines positioned above $130.00. The recent drop from $180.00 found support near these trend lines.

Ethereum ETH USD Forecast

On the upside, the $180.00 resistance may continue to play a major role for the next move in Ether price. It can be considered as a barrier for ETH/USD before it attempts a test of $200.00. Once buyers pierce $180.00, $200.00 is very likely.

On the downside, we need to keep a close watch on the H4 trend lines near $130.00. As long as $125.00 is intact, we may witness a short-term consolidation, followed by an attempt to break $180.00.

Important Resistance Levels

$165.00 and $180.00

Important Support Levels

$140.00 and $130.00

Hourly RSI

The RSI is currently above 50, but started moving lower.

Hourly MACD

The MACD is struggling to maintain its bullish bias.
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Ether Technical Analysis

Today ETH/USD Forecast: Ether Consolidating Losses
05-24-2017 ETH/USD Forecast: Ether Knocking on $200.00's Door
05-23-2017 ETH/USD Forecast: Ether Down, But Not Out
05-22-2017 ETH/USD Forecast: $180.00 is Reaction Level?
   

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