Ethereum Just Broke $190 and Its Primed To Test $205: Here’s Why

Aayush Jindal

1 year ago

2 mins read

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Ethereum is gaining bullish momentum above $190 against the US Dollar. It seems like ETH price is preparing for more gains towards the $200 and $205 resistance levels in the near term.

Ethereum is showing positive signs above the $188 and $190 levels.
The price could face a strong selling interest near the $200 and $205 levels.
There was a break above a key declining channel with resistance near $188 on the hourly chart of ETH/USD (data feed via Kraken).
A clear break above the 100 hourly SMA and $195 might open the doors for more gains.

Ethereum Price is Gaining Traction

Ethereum price seems to be forming a decent support base above the $175 and $180 levels against the US Dollar. ETH price is currently rising (similar to bitcoin) and it recently surpassed the $185 and $188 resistance levels.

There was a clear break above the 23.6% Fib retracement level of the last major downward move from the $214 high to $176 low. More importantly, there was a break above a key declining channel with resistance near $188 on the hourly chart of ETH/USD.

The pair is now approaching the $192 resistance and the 100 hourly SMA. An immediate hurdle above the 100 hourly SMA is near the 50% Fib retracement level of the last major downward move from the $214 high to $176 low at $195.

If Ethereum clears the $195 resistance, it is likely to continue higher towards the $200 handle. Any further gains could lead the price towards the $205 resistance level. There is also a connecting bearish trend line forming with resistance near $207 on the same chart.

Once Ether settles above the $200 and $205 resistance levels, there are chances of a strong and sustained upward move towards the $220 resistance zone.

Bearish Rejection

If Ethereum fails to gain momentum above the $195 resistance or the $200 barrier, it could face a fresh round of selling. An initial support is near the $188 level.

The first major support is near the $180 level, below which the price could revisit the main $176 and $175 support levels. Any further losses may lead the price towards the $165 level in the coming days.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level.

Major Support Level – $180

Major Resistance Level – $195

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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