Ethereum Bulls Are Not Done Just Yet: This Key Setup Shows Uptrend Intact

Aayush Jindal

1 year ago

2 mins read

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Ethereum price is trading in a positive zone above the $185 support against the US Dollar. ETH remains well bid and it is likely to bounce back from the 100 hourly SMA.

Ethereum is currently correcting lower from the $195 yearly high against the US Dollar.
The price is now approaching a couple of important supports near the $185 level.
There is a bullish flag pattern forming with resistance near $192 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is struggling to settle above the $9,500 and $9,600 resistance levels.

Ethereum Price Remains In Uptrend

Recently, we saw a nice upward move in Ethereum above the $190 level against the US Dollar. ETH price traded to a new yearly high at $195 and settled nicely above the 100 hourly simple moving average.

It is now correcting lower from the $195 yearly high. There was a break below the 23.6% Fib retracement level of the recent wave from the $178 low to $195 high.

Moreover, the price spiked below the $190 level, but it found support near the $185-$186 area. It seems like the 50% Fib retracement level of the recent wave from the $178 low to $195 high acted as a nice support.

More importantly, there is a bullish flag pattern forming with resistance near $192 on the hourly chart of ETH/USD. If Ethereum bulls break the flag resistance near the $192 level, there could be a fresh increase above the $194 and $195 levels.

In the mentioned case, the price is likely to surpass the main $200 resistance area. The next key target for the bulls in the near term could be near the $220 level.

Key Supports for ETH

On the downside, the first key support is near the $185 level. Additionally, the 100 hourly SMA is also positioned near the $185 level to provide support along with the 61.8% Fib retracement level of the recent wave from the $178 low to $195 high.

If the bulls fail to keep the price above the $185 support, there is a risk of a larger decline in the near term. In the mentioned case, the bears are likely to aim a test of the $178 support level. Any further losses possibly will call for a test of $172.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently just below the 50 level, with a minor bearish angle.

Major Support Level – $185

Major Resistance Level – $192

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.

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