Ethereum Price Analysis: ETH Sighting Recovery Towards $190-$195
Ethereum is trading above the key $182.50 support area vs the US Dollar. ETH to USD is likely to recover and it might soon test the $190.20 and $194.80 resistance levels.
Key Takeaways: ETH/USD
- Ethereum price is showing signs of an upside correction above $185.50 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 also recovering, but it is facing a strong resistance near $9,000-9,050.
Ethereum Price Analysis
After setting an intraday high near $191.96, Ethereum started a fresh decline. ETH to USD traded below the $188.00 and $186.00 support levels, but it managed to stay above the key $182.50 support area.
Looking at the 2-hours chart, Ethereum price traded as low as $183.52 and it is currently correcting higher. The bulls pushed the price above the $185.50 resistance and the 50 simple moving average (2-hours, purple).
Moreover, there was a break above the 23.6% Fib retracement level of the recent downward wave from $191.96 to $183.52. On the upside, an initial resistance is near the $187.75 since it coincides with the 50% Fib retracement level of the recent downward wave from $191.96 to $183.52.
If there is an upside break above the $187.75 and $188.70 resistance levels, the price is likely to test the $190.20 resistance. The next key resistance on the upside is near the $191.96 high, above which Ethereum is likely to accelerate its upside towards the $194.80 resistance.
An intermediate resistance is $193.95 and the 1.236 Fib extension level of the recent downward wave from $191.96 to $183.52. On the downside, there are many supports near $185.00, $183.50 and $182.50.
The main support is near $182.50 and a bullish trend line on the same chart. Therefore, a downside break below the $182.50 support could push the price back into a bearish zone.
The next major support below $182.50 is near $178.80, where Ethereum price might find a decent buying interest in the near term, followed by $176.20.