Ethereum Watch

Ethereum is up 2% and it broke the $175 resistance, while bitcoin rallied 5%. ETH price is now facing a strong resistance near the $178 and $180 levels.There was a steady rise in Ethereum above the $170 and $175 levels against the US Dollar.The price revisited the key $178 resistance area, where the bears took a stand.There is a major ascending channel forming with support near $173 on the hourly chart of ETH/USD (data feed via Kraken).The pair could rally significantly once there is a close above the $178 and $180 levels.Ethereum Price Struggling Near $180This week, there was a slow and steady rise in Ethereum above $170 against the US Dollar. ETH price corrected a few points, but it was able to pop above the $175 resistance and the 100 hourly simple moving average.Finally, it revisited the key $178 resistance area, where the bears took a stand. A high is formed just below $180 and the price is currently correcting gains. It broke the 23.6% Fib retracement level of the recent gain from the $170 swing low to $179 high.An initial support on the downside is near the $175 level. It coincides with the 50% Fib retracement level of the recent gain from the $170 swing low to $179 high.Moreover, there is a major ascending channel forming with support near $173 on the hourly chart of ETH/USD. If there is a downside break below the channel support, the price could test the $170 support area.Ethereum PriceOn the upside, the $178 and $180 levels are important hurdles for Ethereum bulls. The price must settle above $180 to continue higher. The next major resistance above $180 is seen near the $200 handle.Key ETH SupportThe first major support is near the ascending channel, followed by $170. If ETH bulls fail to defend the $170 support level, the next support is seen near the $168 level.It also coincides with the 1.236 Fib extension level of the recent gain from the $170 swing low to $179 high. Besides, the 100 hourly simple moving average is also near the $168 level.If there is a break below the $168 support, Ethereum might turn bearish and test the $158 support. An intermediate support could be near the $162 level.Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.Hourly RSI – The RSI for ETH/USD is now well above the 60 level, with a little correction signals.Major Support Level – $173Major Resistance Level – $180