- Ethereum price is currently trading in an uptrend above $190 against the US Dollar.
- ETH price is likely to continue higher above the $200 resistance level.
- There is a key ascending channel forming with support near $192 on the 4-hours chart (data feed from Coinbase).
- The pair could correct a few points, but it is likely to find bids near $190 or $185.
Ethereum price is showing many positive signs above $190 against the US Dollar. ETH/USD remains in an uptrend and it could soon rally further above $200.
Ethereum Price Analysis
In the past few days, there was a steady rise in Ethereum price above the $165 and $170 levels against the US Dollar. ETH price climbed above the $185 resistance to move into a positive zone.
Moreover, there was a close above the $190 level and the 55 simple moving average (4-hours). The price traded close to the $200 level and a swing high was formed near $199. It is currently correcting lower below the $196 level.
The price is testing the 23.6% Fib retracement level of the recent wave from the $166 swing low to $199 high. More importantly, there is a key ascending channel forming with support near $192 on the 4-hours chart.
It seems like there is a strong support forming near the $190 level. If Ethereum fails to stay above the $190 support, it could correct lower towards the $185 support level or the 55 simple moving average (4-hours).
The 50% Fib retracement level of the recent wave from the $166 swing low to $199 high is also near the $184 level to act as a strong support. Any further losses might lead the price towards the $175 support level in the near term.
Conversely, the price might remain well bid above the $190 and $185 levels. In the mentioned case, it could make another attempt to clear the key $200 resistance level.
If the bulls succeed, the price is likely to continue higher towards the $220 and $225 levels in the near term. Any further gains might call for a test of the $240 level.
Looking at the chart, Ethereum price is clearly trading in a nice uptrend above the $190 and $185 support levels. Therefore, there are high chances of an upside break above $200 unless the price breaks the $175 support.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is correcting lower towards the 50 level.
Key Support Levels – $190, followed by the $185 zone.
Key Resistance Levels – $200 and $220.