Technicians suggest Ethereum must cut $ 205 to hope for another rally

Ethereum is slowly increasing and recently broke the resistance of $ 192 against the US dollar. The price of ETH should gain a bullish momentum above $ 205 to start a strong ascent to $ 220 or $ 230.

• Ethereum enters a positive zone, with a close above the resistance of $ 192.
• The price is still struggling to break the resistance levels of $ 200 and $ 205.
• A major uptrend line is forming with support close to $ 195 on the ETH / USD hourly chart (data flow via Kraken).
• A sharp break above the $ 205 barrier is a must for sustained bullish movement.

Ethereum price is approaching a major hurdle

The price of Ethereum remained well above the support levels of $ 180 and $ 185 against the U.S. dollar. As a result, the price of ETH started to rise steadily and broke the main resistance of $ 192 to enter a positive zone.

The bulls could raise the price above the $ 195 level and the 100-hour simple moving average. The price even exceeded $ 200 and traded up to $ 201.

Ether is currently correcting its gains and is trading near the $ 198 level. The first major support is seen near the $ 195 level and the 100-hour simple moving average. It is close to the 50% Fibonacci retracement level of the recent rise from the lowest of $ 188 to the highest of $ 201.

More importantly, a major uptrend line is forming with support close to $ 195 an hour graphic ETH / USD. If Ethereum fixes lower, you will likely find decent support near $ 195 and the SMA 100 hours.

Ethereum Prize

On the upside, an initial resistance is near the $ 200 level, the main resistance is near the $ 205 level and a downward trend line on the same chart. If there is a clear break above the resistance zone of $ 205, the price should accelerate further towards $ 220 or even $ 230.

Downward correction

The first major support is located near the $ 195 zone.

The Fibonacci retracement level of 76.4% from the recent rise from the low of $ 188 to $ 201 is also close to the level of $ 192 to stop the bears. Any further loss could revive the downtrend and the price could revisit $ 180.