Ethereum gained bullish momentum above the $170 resistance against the US Dollar, and bitcoin jumped above $9K. ETH price is likely to continue higher towards the $195-$200 resistance area.
- ETH price is showing a lot of positive signs above the $165 and $170 levels against the US Dollar.
- The price traded to a new 2020 high close to $180 and it is currently consolidating gains.
- There is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD (data feed via Kraken).
- Bitcoin is up around 3% and it broke the main $9,000 resistance area.
Ethereum Price Could Test $195-$200
This past week, there were mostly positive moves in Ethereum above $160 against the US Dollar. ETH gained bullish momentum and broke many hurdles near $165 and $170.
Moreover, there was a close above $170 and the 100 simple moving average (4-hours). Finally, the price traded to a new yearly high at $179 and it is currently consolidating gains.
It traded below the 23.6% Fib retracement level of the recent wave from the $165 low to $179 high. The first major support on the downside is near the $172 level. Besides, there is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD.
The 50% Fib retracement level of the recent wave from the $165 low to $179 high is also near the channel support area. Therefore, Ethereum is likely to find bids near the $172 area.
On the upside, the first major hurdle for the bulls is near the $180 level. A successful break above the $180 resistance area could set the pace for more gains above $190.
The main resistance above $180 is near the $195 and $200 levels, where sellers are likely to emerge. A clear break above the $200 barrier would suggest an opening for a long term uptrend.
What’s Bearish for ETH?
The first key support is near the $172 level, below which Ethereum price might extend its correction towards the $165 support. The next major support is near the $160 area and the 100 simple moving average (4-hours).
Only if ETH bears succeed in pushing the price below $160 and the 100 simple moving average (4-hours), the price could turn bearish. If not, it is likely to extend gains above the $178, $180 and $185 levels in the near term.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 55 level.
Major Support Level – $165
Major Resistance Level – $180