Ethereum is gaining bullish momentum above $ 190 against the US dollar. It appears that the ETH price is preparing for more gains towards the USD 200 and USD 205 resistance levels in the near term.
- Ethereum shows positive signs above the USD 188 and USD 190 levels.
- The price could face strong selling interest near the USD 200 and USD 205 levels.
- There was a pause above a major downtrend with a resistance of nearly $ 188 on the ETH / USD hourly chart (data feed via Kraken).
- A clear break above 100 hours of SMA and $ 195 could open the doors for more profit.
Ethereum price is gaining traction
Ethereum price appears to form a decent support base above the USD 175 and USD 180 levels against the US dollar. The ETH price is currently rising (similar to bitcoin) and recently surpassed the USD 185 and USD 188 resistance levels.
There was a clear break above the 23.6% Fib retracement level from the last major downward move from the $ 214 to $ 176 low. More importantly, there was a pause above a major downtrend with a resistance of nearly $ 188 per hour chart from ETH / USD.
The pair is now approaching the USD 192 resistance and the SMA per 100 hours. An immediate hurdle above 100 hours of SMA is near the 50% Fib retracement level of the last major downward move from $ 214 high to $ 176 low at $ 195.
If Ethereum clears the USD 195 resistance, it will likely stay higher towards the USD 200 handle. Any further gains may push the price towards the USD 205 resistance level. There is also a contiguous bearish trend line with a near USD 207 resistance on the same chart.
Once Ether goes above the USD 200 and USD 205 resistance levels, there is a chance of a strong and sustained upward move towards the USD 220 resistance zone.
If Ethereum doesn’t gain momentum above the USD 195 resistance or the USD 200 barrier, it could gain another round of sales. Initial support is close to $ 188.
The first major support is near the USD 180 level, below which the price could revisit the major USD 176 and USD 175 support levels. Any further losses could raise the price to the $ 165 level in the coming days.
MACD per hour – The MACD for ETH / USD is currently gaining pace in the bullish zone.
RSI per hour – The RSI for ETH / USD corrects lower to the 50 level.
Large support level – $ 180
Large resistance level – $ 195
Risk Disclaimer: 76.4% of private CFD accounts lose money.