Ethereum Price Analysis: ETH Primed For More Gains Above $195
- Ethereum price started a steady rise above the $180 resistance area against the US Dollar.
- ETH price is showing positive signs and it could continue to rise above $195 and $200.
- There is a crucial bullish trend line forming with support near $182 on the 4-hours chart (data feed from Coinbase).
- The price is likely to climb sharply once it clears the $188 and $195 resistance levels in the near term.
Ethereum price is trading in a bullish zone above $180 against the US Dollar. ETH price seems to be setting up for more gains above the $195 resistance.
Ethereum Price Analysis
After forming a support base near $168, Ethereum price started a steady rise against the US Dollar. The ETH/USD pair broke the key $175 and $180 resistance levels to move into a positive zone. Moreover, there was a close above the $180 level and the 55 simple moving average (4-hours). The price even climbed above the $188 resistance and traded to a new monthly high near the $197 level.
Recently, there was a downside correction from the $197 high. The price broke the $192 and $185 support levels. Additionally, there was a push below the $180 level, but the price remained well bid above the $175 level. It seems like the price is holding the $180 support and the 55 simple moving average (4-hours). It recovered above the $182 level, plus the 23.6% Fib retracement level of the recent decline from the $197 high to $177 low.
At the moment, Ethereum price is struggling to clear the $188 resistance area. Moreover, the 50% Fib retracement level of the recent decline from the $197 high to $177 low is acting as a resistance. There is also a connecting bearish trend line forming with resistance near $188 on the 4-hours chart. Therefore, a clear break above the $188 resistance might call for more gains.
The next key resistance is near the $195 level. If there is a break above the $195 barrier, the price could continue to rise towards the $200 and $205 levels. On the downside, there are many supports near $180. More importantly, there is a crucial bullish trend line forming with support near $182 on the 4-hours chart.
Looking at the chart, Ethereum price is clearly trading in a positive zone above the $180 support area. Overall, there are chances of more upsides above $195 and $200.
4 hours MACD – The MACD for ETH/USD is currently showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is well above the 50 level.
Key Support Levels – $180, followed by the $175 zone.
Key Resistance Levels – $188 and $200.
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