Ethereum Price Analysis: ETH Remains Supported For More Gains

Ethereum is gaining momentum above $188.20 resistance area vs the US Dollar. ETH to USD remained well supported on dips and it could continue to rise towards $198.00 and $204.00.

Key Takeaways: ETH/USD

  • Ethereum price is trading in an uptrend above the $184.50 pivot level against the US Dollar.
  • ETH/USD is likely to find support near $188.20 and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is facing a strong resistance near the $9,450 and $9,480 levels.

Ethereum Price Analysis

In the past 5-6 sessions, there was a decent rise in Ethereum above the $184.50 pivot level. It opened the doors for more gains for ETH to USD above the $188.20 and $190.00 resistance levels.

Ethereum Price Analysis

Looking at the 2-hours chart, Ethereum price gained pace above the $190.00 resistance and settled nicely above the 50 simple moving average (2-hours, purple). Finally, the price climbed above $192.00 and traded as high as $194.76 today.

It is currently correcting lower below the $192.00 level. Moreover, there was a break below the 23.6% Fib retracement level of the recent increase from the $182.59 to $194.76.

On the downside, there are many supports near the $188.60 and $188.20 levels. Besides, the 50% Fib retracement level of the recent increase from the $182.59 to $194.76 is also near the $188.60 level.

Therefore, Ethereum price is likely to find support near $188.20 and a bullish trend line on the same chart. If there is a downside break below the trend line, the price could test the $185.50 support area.

More importantly, the 50 simple moving average (2-hours, purple) is near the $185.50 level to provide a strong support. Any further losses might push the price back into a bearish zone towards the $180.00 and $179.50 levels.

On the upside, an initial resistance is near the $191.80 level. If Ethereum climbs above $191.80 and $192.00, there are high chances of an upside break above the $194.76 high and the $196.00 resistance. The next stop for the bulls could be near the $202.00 and $204.00 levels.

Live Ethereum (ETH) Price:

1 ETH/USD =$225.9574 change ~ -0.31%

Coin Market Cap

$25.22 Billion

24 Hour Volume

$1.1 Billion

24 Hour VWAP

$227

24 Hour Change

$-0.6970

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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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