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.
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.