- 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.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.