HomeAltcoin NewsEthereum Price Analysis: ETH Could Rally Above $185-$190

Ethereum Price Analysis: ETH Could Rally Above $185-$190

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  • Ethereum price started an upward move and climbed above the $175 resistance against the US Dollar.
  • ETH price is currently consolidating above the $180 level and it could continue to rise.
  • There was a break above a major bearish trend line with resistance near $175 on the 4-hours chart (data feed from Coinbase).
  • The price could climb higher significantly and it may perhaps break the $185 and $190 resistances.

Ethereum price is gaining bullish momentum above $175 against the US Dollar. ETH price might rise higher sharply once it clears the $185 resistance area.

Ethereum Price Analysis

Recently, Ethereum price formed a support base near the $165 level against the US Dollar. The ETH/USD pair started an upward move and broke the $170 and $175 resistance levels. Moreover, there was a close above the $175 level and the 55 simple moving average (4-hours). Finally, the price broke the $180 level and tested the $185 resistance area.

More importantly, there was a break above a major bearish trend line with resistance near $175 on the 4-hours chart. A swing high was formed near $186 and the price is currently consolidating gains. It traded below the 23.6% Fib retracement level of the last upward move from the $165 low to $186 high. However, there is a decent support forming near the $175 level.

Additionally, the 50% Fib retracement level of the last upward move from the $165 low to $186 high is also a decent support near the $175 level. The 55 simple moving average (4-hours) is also placed near the $175 level. If there is a downside break below the $175 support, the price could continue to grind lower towards the main $165 support area.

Conversely, the price could start another upward move if it clears the $185 and $186 resistance levels. A clear break above the last swing high could push the price above $190 and $192. The next key hurdle for the bulls is near the $200 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly consolidating gains near the $180 level. If the bulls gain pace and clear the $185 barrier, the price could accelerate higher. If the bulls continue to struggle near the $185 resistance, there could be a bearish reaction. On the downside, the $175 support holds the key, below which the price could resume its decline and revisit the $165 support area.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently correcting towards the 50 level.

Key Support Levels – $175, followed by the $165 zone.

Key Resistance Levels – $185 and $195.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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