- Ethereum price is trading nicely above the $188 and $185 support levels against the US Dollar.
- Bitcoin price is showing positive signs and it is trading above the $8,400 support area.
- There is a major bullish trend line forming with support near $188 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher and it could break the $195 and $198 resistance levels.
Ethereum price is trading above key supports versus the US Dollar and bitcoin. ETH price must stay above $185 to continue higher towards $200 in the near term.
Ethereum Price Analysis
Yesterday, we saw a nice upward move in Ethereum above the $185 resistance area against the US Dollar. The upward move was strong as ETH even climbed above the $190 level and settled above the 100 hourly simple moving average. Moreover, it tested the $195 resistance area and recently started correcting gains. It traded below the $190 support area.
However, the decline was protected by the $188 support area. It seems like the 50% Fib retracement level of the upward move from the $182 swing low to $196 high is acting as a support. More importantly, there is a major bullish trend line forming with support near $188 on the hourly chart of ETH/USD. Below the trend line, the 61.8% Fib retracement level of the upward move from the $182 swing low to $196 high is near the $187 level.
The next major support is near the $185 level (the previous resistance area). Additionally, the 100 hourly SMA is positioned near the $185 level to provide support. Therefore, the $185 support holds a lot of importance. If there is a downside break below the $185 support, Ethereum could start a major correction towards the $175 support area in the near term.
On the upside, an immediate resistance is near the $193 level and a connecting bearish trend line. However, the key resistance is near the $195 level. If there is an upside break, the price could rise towards the $198 and $200 resistance levels.
Looking at the chart, Ethereum price is currently consolidating above the $188 and $185 support levels. As long as the price is trading above the $185 level, it is likely to climb higher above $195. The main target could be $200, above which the price may perhaps surpass the $205 resistance area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is holding the 50 level and it is likely to move higher.
Major Support Level – $188
Major Resistance Level – $195