Ethereum Price Analysis: ETH Eyeing Bullish Break Above $190
Ethereum is trading above a few key supports near $182.00 vs the US Dollar. ETH/USD is likely positioning for a bullish break above the key $190 barrier.
Key Takeaways: ETH/USD
- Ethereum price is slowly climbing towards the main $190 resistance against the US Dollar.
- ETH/USD is trading above the $182.50 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is struggling to gain strength above the $9,500 resistance area.
Ethereum Price Analysis
In the past few days, there were strong gains in Ethereum, bitcoin and a few other major altcoins. ETH/USD surged towards the $200.00 resistance and formed a high near the $199.32 level.
Looking at the 2-hours chart, Ethereum price corrected lower below the $195.00 and $180.00 levels. However, the $173.50 area acted as a strong support and the price remained well above the 50 simple moving average (2-hours, purple).
As a result, there was a fresh increase above the $178.00 and $180.00 resistance levels. Moreover, the price climbed above the 50% Fib retracement level of the last correction from the $199.32 to $173.74.
The price even climbed above the $185.00 level, but the $189.50 and $190.00 levels are acting as hurdles for buyers. Besides, the 61.8% Fib retracement level of the last correction from the $199.32 to $173.74 is acting as a strong resistance.
If there is an upside break above the $190.00 resistance, the price could continue to rise. In the mentioned case, the price may perhaps retest the $199.32 high. An intermediate resistance is $193.20 or the 76.4% Fib retracement level of the last correction from the $199.32 to $173.74.
If there are further gains, the price could even surpass the main $200.00 barrier in the coming sessions. At the outset, Ethereum price is trading above the $182.50 support and a bullish trend line on the same chart.
If there is a downside break below the $182.50 and $180.00 support levels, there is a risk of an extended decline towards the $173.50 and $171.20 levels. Overall, ETH looks set for more gains above $189.50 and $190.00.