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Ethereum price surged more than 5% and broke the key $180 resistance area against the US Dollar. ETH traded as high as $187 and it is currently correcting gains.
- Ethereum is showing a lot of positive signs and it recently climbed above $180 against the US Dollar.
- The price remained well bid above the $170 support and the 100 hourly simple moving average.
- There is a new bullish trend line forming with support near $182 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is still facing a strong resistance near the $9,500 level.
Ethereum Price Targets $200
Yesterday, we discussed the importance of the 100 hourly simple moving average and $170 for Ethereum against the US Dollar. ETH price remained well bid above the $170 support and the 100 hourly simple moving average.
As a result, there was a fresh increase above the $175 resistance area. Moreover, there was a break above a connecting bearish trend line with resistance at $174 on the hourly chart of ETH/USD.
Finally, the bulls pumped the price above the $178 and $180 resistance levels. Overall, Ethereum gained more than 5%, while bitcoin price is still facing a strong resistance near the $9,500 level.
A new yearly high was formed near $187 and ETH is currently correcting gains. It is testing the 23.6% Fib retracement level of the recent rally from the $170 swing low to $187 high.
On the upside, an initial resistance is near the $185 and $188 levels. A clear break above the $188 level could set the momentum for a test of the main $200 resistance area.
ETH Dips Supported
On the downside, there are many supports for Ethereum forming near the $178 and $180 levels. There is also a new bullish trend line forming with support near $182 on the same chart.
Furthermore, the 50% Fib retracement level of the recent rally from the $170 swing low to $187 high is also near the $178 level. Therefore, the price remains well supported on the downside near the $180 and $178 levels.
If the bulls fail to defend the $178 support level, there is a risk of a larger downside correction below $175. The main support for the current trend is now near the $170 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level, with a bearish angle.
Major Support Level – $178
Major Resistance Level – $188
