HomeAltcoin NewsEthereum Price Analysis: ETH Rebound Could Gather Pace Above $188

Ethereum Price Analysis: ETH Rebound Could Gather Pace Above $188

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  • Ethereum price rebounded recently and traded above the $175 resistance against the US Dollar.
  • ETH price is still facing a couple of important resistances near $185 and $188.
  • There was a break above a key bearish trend line with resistance near $174 on the 4-hours chart (data feed from Coinbase).
  • The price is likely to accelerate gains once it surpasses the $185 and $188 resistance levels.

Ethereum price is rebounding, but facing a crucial resistance near $185-$188 against the US Dollar. ETH price might surge if it clears the $188 resistance area.

Ethereum Price Analysis

After struggling to clear the $185 resistance, Ethereum price corrected lower against the US Dollar. The ETH/USD pair traded below the $175 level, but it found support near the $170 level. It seems like the price stayed above the broken 23.6% Fib retracement level of the key drop from the $225 high to $152 low. Recently, there was a fresh increase above the $175 resistance and the 55 simple moving average (4-hours).

More importantly, there was a break above a key bearish trend line with resistance near $174 on the 4-hours chart. The pair climbed above the $180 level and retested the main $185 resistance area. There is also another crucial resistance near the $188 level. It represents the 50% Fib retracement level of the key drop from the $225 high to $152 low.

Therefore, an upside break above the $185 and $188 resistance levels might open the doors for more gains. The next key resistance is near the $200 level. An intermediate resistance is near $197 or the 61.8% Fib retracement level of the key drop from the $225 high to $152 low. Conversely, if there is another decline, the price could find support near the $175 level or the 55 simple moving average (4-hours).

If Ethereum fails to stay above the $175 support and the 55 simple moving average (4-hours), it could move back into a bearish zone. The next key support is near the $170 level, below which the price might decline towards the $160 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly correcting higher, but it is heading towards the $185 and $188 resistance levels. If the bulls gather momentum above $188, the price could continue to rise. If not, there could be a short term downside correction towards the $175 support level.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently placed nicely in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 60 level.

Key Support Levels – $175, followed by the $170 zone.

Key Resistance Levels – $188 and $200.

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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