- Ethereum price started a strong upward move and broke the $185 resistance against the US Dollar.
- ETH price is trading near the $200 level and it might continue to rise in the near term.
- There was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart (data feed from Coinbase).
- The price is showing positive signs and it could even break the $200 and $202 resistance levels.
Ethereum price is trading with a positive bias above $190 against the US Dollar. ETH price might correct lower, but dips are likely to remain supported near $190 and $185.
Ethereum Price Analysis
This past week, we saw positive signs for Ethereum price above the $175 support against the US Dollar. The ETH/USD pair followed a bullish path above the $180 level and the 55 simple moving average (4-hours). As a result, there was an upside break above the $182 and $185 resistance levels. On the other hand, bitcoin price struggled to gain traction above the $10,400 and $10,500 resistance levels.
During the recent rise, there was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart. The pair traded close to $200 and it is currently consolidating gains. An immediate support is near the $194 level, plus the 23.6% Fib retracement level of the recent upward wave from the $174 low to $200 high. If there is a major downside correction, the $186 and $185 levels might provide support.
Moreover, the 50% Fib retracement level of the recent upward wave from the $174 low to $200 high is near the $186 level to provide support. Therefore, dips towards the $186 and $185 levels are likely to find a strong buying interest. Below $185, the price might start a fresh bearish wave and it could revisit the $175 support area.
On the upside, there are two important resistances near $200 and $202. If there is an upside break above $200 and $202, the price could rally significantly above the $205 level. The next major resistance is near the $225 level.
Looking at the chart, Ethereum price is trading in an uptrend above $190 and $185. The current price action indicates more upsides above the $200 and $202 resistances. If there is a downside correction, buyers are likely to protect the $190 and $185 support levels.
Technical indicators
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level, with a positive bias.
Key Support Levels – $190, followed by the $185 zone.
Key Resistance Levels – $202 and $225.
