Ethereum Looks Ready For Another Leg Higher Over $192

Aayush Jindal

1 year ago

2 mins read

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Ethereum is forming a decent support base above $180 against the US Dollar. ETH price is likely to start a strong increase if it breaks the $192 resistance zone.

Ethereum started an upside correction from the $180 low and corrected above $185.
The price is currently facing a couple of key hurdles near $190 and $192.
There is a key connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD (data feed via Kraken).
It seems like there is an inverse head and shoulders pattern forming with resistance near $190-$192.

Ethereum Price Could Climb Above $195

This past week, we saw a sharp decline in bitcoin and Ethereum below $9,000 and $200 respectively against the US Dollar. ETH price even broke the $192 support and settled below the 100 hourly simple moving average.

It traded as low as $180 and recently started an upside correction. There was a break above the $185 level, plush the price surpassed the 23.6% Fib retracement level of the downward move from the $214 swing high to $180 low.

On the upside, there is a major resistance forming near the $190 and $192 levels. There is also a key connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD.

It seems like there is an inverse head and shoulders pattern forming with resistance near $190-$192. In the short term, Ethereum might dip a few points for form the right shoulder near the $185 level.

On the upside, the bulls need to push the price above the $190 and $192 resistance levels. If they succeed, Ether might continue to recover above the $195 resistance.

The next major resistance is near the $198 and $200 levels. The 50% Fib retracement level of the downward move from the $214 swing high to $180 low is also near the $198 level to act as a resistance. Therefore, a clear break above $198 and $200 could lead the price towards $210.

Bearish Scenario

If Ethereum fails to stay above the $185 and $180 support levels, it could resume its decline. The next support is seen near the $178 level.

The main support might be $175, below which the bears are likely to aim a sustained downward move towards the $162 and $160 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently moving nicely in the bullish zone.

Hourly RSI – The RSI for ETH/USD is struggling to move above the 50 level.

Major Support Level – $180

Major Resistance Level – $192

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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.

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