Ethereum price is holding a couple of key supports above $185 against the US Dollar. ETH is likely to surge above $190 and continue higher in the near term.
- Ethereum is trading nicely above the $185 support area against the US Dollar.
- The price is likely to climb above the $190 barrier to start a fresh increase.
- There is a major declining channel forming with resistance near $190 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is now trading near the key $9,200 support area.
Ethereum Price Could Rally Again
After trading to a new 2020 high at $195, Ethereum started a downside correction against the US Dollar. ETH price traded below the $192 and $190 support levels.
However, the $185 support area acted as a strong buy zone along with the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the recent wave from the $178 low to $195 high acted as a support.
A swing low is formed near $184 and the price is currently rising. It broke the 23.6% Fib retracement level of the recent decline from the $195 high to $184 low. At the moment, Ethereum is trading near the $190 resistance area.
More importantly, there is a major declining channel forming with resistance near $190 on the hourly chart of ETH/USD. Besides, the 50% Fib retracement level of the recent decline from the $195 high to $184 low is near the $190 level.
If there is an upside break above the $190 level, the price is likely to rise sharply. The next major hurdle is near the $195 level, above which there are chances of a strong rise in the coming sessions.
Key Support for ETH
On the downside, the main support is near the $185 level. If there is a downside break below the $185 and $184 support levels, there is a risk of a larger decline.
The next major support is near the $180 level, followed by the $178 pivot level. Ethereum must stay above the $180 and $178 support levels to avoid a nasty decline. A successful close below the $178 support level might turn the market sentiment to bearish in the near term.
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 near the 50 level, with a minor bearish angle.
Major Support Level – $185
Major Resistance Level – $190