- ETH price gained bids recently and moved above the $192.00 resistance against the US Dollar.
- There was a break above a bearish trend line at $188 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is currently struggling to move above the 100 hourly simple moving average and the $196 resistance.
Ethereum price recently recovered a few points against the US Dollar and Bitcoin, and now ETH/USD has to move above $196-200 for more gains.
Ethereum Price Upside Hurdle
There was a recovery wave started from the $176 level in ETH price against the US Dollar. The price managed to move above the $172 resistance and the 23.6% Fib retracement level of the last decline from the $218 high to $176 low. There was even an upside break above the $192-200 resistance. The price traded above the 100 hourly simple moving average and as high as $209. There was even a break above a bearish trend line at $188 on the hourly chart of ETH/USD
Later, buyers lost momentum and the price moved back below $200 and the 100 hourly simple moving average. The price traded below the 23.6% Fib retracement level of the last wave from the $176 low to $209 high. However, the downside move was protected by the $192-190 support. The 50% Fib retracement level of the last wave from the $176 low to $209 high also stopped the downside move. The price is currently attempting a bounce back, but struggling to clear the 100 hourly simple moving average and $200.
A close above $200 is needed for more gains in the near term. On the upside, the next upside target above $209 is $218.
Hourly MACD – The MACD is reducing its bullish slope.
Hourly RSI – The RSI is currently attempting to move above the 50 level.
Major Support Level – $192
Major Resistance Level – $200
Charts courtesy – SimpleFX