- 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.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.
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.