Ethereum just broke $ 190 and should test $ 205 – here's why
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Ethereum gains bullish momentum above $ 190 against the US dollar. It seems that the price of ETH is preparing to make more gains towards the resistance levels of $ 200 and $ 205 in the short term.
- Ethereum is showing positive signs above the $ 188 and $ 190 levels.
- The price could face strong selling interest near the $ 200 and $ 205 levels.
- There was a break above a key bearish channel with resistance near $ 188 on the ETH / USD hourly chart (data via Kraken).
- A clear break above 100 hours of $ 195 SMA could open the doors for more profit.
Ethereum Prize Gains Ground
The price of Ethereum appears to form a decent support base above the $ 175 and $ 180 levels against the U.S. dollar. The price of ETH is currently on the rise (similar to Bitcoin) and has recently passed resistance levels of $ 185 and $ 188.
There was a sharp break above the Fibonacci retracement level of 23.6% from the last major downward movement from the highest of $ 214 to the lowest of $ 176. Most importantly, there has been a breakout above a declining key channel with resistance near $ 188 per hour. graphic
ETH / USD.
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Ethereum Prize
The pair is now approaching resistance of $ 192 and SMA of 100 hours. An immediate obstacle above the 100-hour SMA is near the Fibonacci retracement level at 50% of the last major bearish movement, going from $ 214 to $ 176 to $ 195.
If Ethereum erases the resistance of $ 195, it should continue to progress towards the $ 200 mark. Any other gain could push the price up to the resistance level of $ 205. A connection downtrend line is also forming with resistance near $ 207 on the same chart.
Once the ether settles above the resistance levels of $ 200 and $ 205, there are possibilities for strong and sustained upward movement towards the resistance zone of $ 220.
Bearish rejection
If Ethereum fails to gain momentum above the $ 195 resistance or the $ 200 barrier, it could face a new round of sales. Initial support is close to the $ 188 level.
The first major support is close to the $ 180 level, below which the price could review the main support levels of $ 176 and $ 175. Any further loss could drive the price down to the $ 165 level in the coming years. days.
Technical indicators
MACD per hour – The MACD for ETH / USD is accelerating in the bullish zone.
RSI per hour – The RSI for ETH / USD corrects down towards the 50 level.
Major support level – $ 180
Major resistance level – $ 195
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