- Ethereum price is rising and it broke the key $ 185 and $ 186 resistance levels against the US Dollar.
- Bitcoin is up around 3% and it managed to climb above the $ 9,400 resistance.
- There is a new bullish trend line forming with support near $ 185 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains supported on dips and it could continue to rise towards the $ 200 level in the near term.
Ethereum price is slowly climbing higher versus the US Dollar, similar to bitcoin. ETH price is likely to rise towards the $ 200 level as long as above $ 182.
Ethereum Price Analysis
After forming a support base near $ 180, Ethereum started a steady rise above $ 182 against the US Dollar. ETH price recovered and broke a strong resistance near the $ 185 and $ 186 levels.
Moreover, there was a close above the $ 185 level and the 100 hourly simple moving average. During the rise, there was a break above yesterday’s highlighted bearish trend line with resistance near $ 182.
Finally, the price tested the $ 190 resistance area and it is currently correcting lower. There was a break below the $ 188 level, plus the 23.6% Fib retracement level of the recent wave from the $ 179 swing low to $ 189 swing high.
However, the previous resistance near the $ 185 area is now acting as a decent support. More importantly, there is a new bullish trend line forming with support near $ 185 on the hourly chart of ETH/USD.
The 50% Fib retracement level of the recent wave from the $ 179 swing low to $ 189 swing high is also near the trend line to provide support. The main support is near the $ 182 level since it coincides with the 100 hourly SMA.
If Ethereum breaks the trend line and trades below $ 182, it could move back into a bearish zone. On the upside, an immediate resistance is near the $ 190 level. If there is a proper break above $ 190, the price could start an increase towards the main $ 200 resistance area.
Looking at the chart, Ethereum price is showing a few positive signs above the $ 185 support area. Having said that, the path towards the $ 200 barrier won’t be easy. If the bulls struggle to clear the $ 190 and $ 192 resistance levels, there could be a bearish reaction below the $ 185 support. In the mentioned case, the $ 182 support holds the key.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with positive signs.
Major Support Level – $ 182
Major Resistance Level – $ 190
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