SUMMARY: Ethereum price started to correct downwards following bitcoin. ETH is currently supported by $180 below which the price may test the $170 and $160 levels.
Ethereum price also surged following bitcoin this week, rising above $180 resistance level. ETH was also able to break above $190 and $195 resistance levels. Strong resistance was formed around $200 however, the bulls were also able to break above this level rising up to $208 and settling above the 100 hourly SMA. However, Ethereum price soon started to correct downwards and moved below $190 support level. ETH even moved below $185 support level, however, the support around $180 proved strong and Ethereum price started to move upwards after reaching up to $182.
Currently, Ethereum price is situated well above $180 support level and the 100 hourly SMA. The current resistance lies around $190 and $195 above which ETH might test the $200 and $210 levels again. However, it seems that ETH might correct downwards below $180 support level before a fresh rise can occur. Below $180 support level, ETH might test the $170 or even $160 levels in the short term.
A bullish pattern is also being formed on the hourly chart with the support at around $185. It is very essential for Ethereum price to stay above the 100 hourly SMA and $178 level in order to stay bullish.
The chart shows that Ethereum price is currently correcting downwards, however, it is currently supported by $180 and $178 support levels. As long as ETH stays above $178 level and the 100 hourly SMA, it will likely stay bullish and move towards $200 level. Below $178, the overall momentum might turn bearish and Ethereum price might test the $170 and $160 levels.