- ETH price surged higher and broke the key $ 185 resistance against the US Dollar.
- The price is currently correcting lower after setting a new monthly high near the $ 196 level.
- There is a short term breakout pattern forming with support near $ 191 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower towards $ 190 or even $ 185 before a fresh increase in the near term.
Ethereum price is showing a lot of positive signs versus the US Dollar and bitcoin. ETH price is now trading nicely above $ 185 and it could soon test $ 200.
Ethereum Price Analysis
After a minor downside correction, Ethereum started a fresh increase from the $ 175 support against the US Dollar. ETH price surged above the $ 180 and $ 185 resistance levels. Moreover, there was a close above the $ 185 resistance and the 100 hourly simple moving average. The upward move was such that the price even surpassed the $ 190 level and traded to a new monthly high near $ 196.
At the moment, the price is consolidating gains below the $ 195 level. It is trading near the 23.6% Fib retracement level of the recent rally from the $ 181 low to $ 196 high. Moreover, there is a short term breakout pattern forming with support near $ 191 on the hourly chart of ETH/USD. If there is a downside break below the $ 191 and $ 190 levels, the price could extend its correction.
The next key support is near the $ 188 level. It coincides with the 50% Fib retracement level of the recent rally from the $ 181 low to $ 196 high. If the price fails to stay above $ 188, it could test the $ 185 support area (the previous resistance area). Additionally, yesterday’s highlighted bullish trend line with current support near the $ 186 level is intact and it is likely to provide support.
On the upside, an immediate resistance is near the $ 195 level. A convincing break above the $ 195 level may perhaps push the price towards the next important resistance near $ 200, above which the price could even test $ 205.
Looking at the chart, Ethereum price is clearly trading in an uptrend above the $ 185 support area. In the short term, there could be a downside correction towards $ 190 or $ 185. Overall, the price remains well supported and it is likely to continue higher above the $ 195 resistance. The next stop for the bulls might be $ 200 or $ 205.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level, with a lot of positive signs.
Major Support Level – $ 190
Major Resistance Level – $ 195