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Ethereum Price Analysis: Can ETH/USD Extend Recovery Above $200?

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price started an upside correction after it found support near $168 against the US Dollar.
  • There was a break above a major declining channel with resistance at $183 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong resistance near the $200 level and the 100 hourly simple moving average.

Ethereum price is slowly recovering against the US Dollar and bitcoin. ETH/USD buyers could face a tough challenge near the $190-200 resistance zone.

Ethereum Price Resistance

Yesterday, we saw a downside break below the $175 level in ETH price against the US Dollar. The ETH/USD pair traded towards the $165 support and found bids near the $168 level. Later, the price started an upside correction and moved back above the $175 level. During the upside, the price also broke the $180 resistance. It opened the doors for a push above the 50% Fib retracement level of the last slide from the $199 high to $168 low.

More importantly, there was a break above a major declining channel with resistance at $183 on the hourly chart of ETH/USD. The price even spiked above the $188-190 resistance zone. However, the price faced a strong resistance near the $192 level and the 100 hourly simple moving average. Moreover, the 76.4% Fib retracement level of the last slide from the $199 high to $168 low is acting as a resistance. It seems like the price could dip a few points back towards the broken channel at $182-183.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is likely to struggle near $192 and the 100 hourly SMA. Above this, the next major hurdle for buyers is near the $200 level. On the downside, the previous resistances near $182, $180 and $175 are likely to act as supports.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI has moved above the 60 level.

Major Support Level – $175

Major Resistance Level – $190

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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