Ethereum is gaining bullish momentum above $185 against the US Dollar. ETH is following bitcoin and it is likely to start a parabolic rally if it clears the $200 resistance.
- Ethereum is trading in a strong uptrend above the $182 and $178 support levels.
- The price is likely to surpass the $195 and $200 resistance levels in the near term.
- There is a key bullish trend line forming with support near $184 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The bulls are likely to aim a larger rally towards $250 if there is a daily close above $200.
Ethereum Price Gaining Bullish Momentum
Yesterday, we discussed the chances of a larger rally in Ethereum above $180 against the US Dollar. ETH price corrected a few points, but it remained well supported above the $175 support area.
The price followed a bullish path above the $180 level and the 100 hourly simple moving average. It surpassed the $188 resistance area and traded to a new weekly high near $193.Bearish Rejection?
Ethereum is clearly trading in a bullish trend above $182 and $180. If it fails to clear the $195 and $200 resistance levels, there are chances of a bearish reaction. The main support on the downside is near the $175 level and the 100 hourly SMA, below which the price might decline towards the $165 support zone.Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $180 Major Resistance Level – $195Image from unsplash