- ETH price extended its gains above the $195 resistance level against the US Dollar.
- Bitcoin price is down more than 1.5% and it recently broke the $10,250 support area.
- Yesterday’s highlighted major bullish trend line is active with support near $193 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently consolidating gains and it might soon attempt to climb above the $200 resistance.
Ethereum price is trading higher towards $200 and $205 versus the US Dollar, while bitcoin is declining. ETH price could continue to rise towards $205 or even $210.
Ethereum Price Analysis
Yesterday, we saw a nice upward move in ETH price above the $185 resistance against the US Dollar. Moreover, we discussed the chances of more upsides and a test of the $200 level. The price did climb higher, broke the $195 swing high, and recently traded close to the $200 level. On the other hand, bitcoin remained in a bearish zone and declined below the $10,300 and $10,250 support levels.
Ethereum price formed a new monthly high near $200 and it is currently consolidating gains. An immediate support is near the $197 level. It coincides with the 23.6% Fib retracement level of the last leg from the $189 swing low to $200 high. If there is an extended downside correction, the price could test the $195 support area. Additionally, the 50% Fib retracement level of the last leg from the $189 swing low to $200 high is also near the $195 level.
More importantly, yesterday’s highlighted major bullish trend line is active with support near $193 on the hourly chart of ETH/USD. The main support for Ethereum is near the $185 level (the previous resistance). Therefore, dips remain well supported in the near term towards $195 and $193. On the upside, an immediate resistance is near the $200 handle.
If the price breaks the $200 level, there are high chances of it surpassing the $205 resistance level. The next key resistance is near the $210 level, above which the price could surge towards the $220-$225 zone.
Looking at the chart, Ethereum price is clearly outperforming bitcoin and other altcoins. As long as it is trading above the trend line support and $185, there are chances of more gains. It would be interesting to see how bears react once the price surpasses the $200 barrier and attempts to climb above $205.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is currently correcting lower and it might test the 60 level.
Major Support Level – $193
Major Resistance Level – $200