Ethereum Price Technical Analysis – ETH/USD To Break Higher

Key Highlights

• It looks like ETH price is facing a major hurdle near $191.70 against the US Dollar, but may break it soon.
• There is a solid bullish trend line with support at $182 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price about to break the $192 resistance for further gains towards/above $200.

Ethereum price is gaining momentum against the US Dollar and Bitcoin, and now ETH/USD may soon break higher and set a new high towards/above $200.

Ethereum Price Trend Line Support

Yesterday, there was a decline towards $180 level in ETH price against the US Dollar. The price moved below the 23.6% Fib retracement level of the last wave from the $150.74 low to $191.70 high. However, the downside move can be considered as a correction, as the price recovered from $182. There was a decent buying interest around the $180 support zone, which pushed the price back higher.

Earlier, there was a test of the 38.2% Fib retracement level of the last wave from the $150.74 low to $191.70 high. So, we can say that the price completed a correction near $182, and about to break higher. On the downside, there is a solid bullish trend line with support at $182 formed on the hourly chart of ETH/USD. It may continue to act as a support and prevent downsides below $180.

On the upside, a break above $191.00-191.50 is needed for further gains. The current candle is very bullish, and suggesting a break above $191.70 soon. A close may push the price towards $198-200, which is the next resistance. The overall trend is bullish and as long as the trend line and $180 are intact, the price may soon break higher above $192.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is now moving higher, and remains well above the 50 level.

Major Support Level – $180.00

Major Resistance Level – $192.00

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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