For some time now, the price of Ethereum appears to be consolidating over $180 against the USD. As long as it is over $180, a strong upward move is expected at any moment.
The Current Price Analysis For Ethereum
The price of this virtual coin is currently trading at a wide range against Bitcoin and the US Dollar. With the support above $178, Ethereum still remains well bid in the market. The main bears here had earlier made certain attempts to push the price below the support levels of $178 and $180.
However, they didn’t succeed in that quest. There was also an upside break above the resistance of $190 and $188. Just recently, the price revisited the $182 support area and began a new increase. It even broke the resistance of $185 as well as the 100 Hourly Simple Moving Average.
The Spike Above The Resistance Level
A spike above the price resistance of $188 was also witnessed in the past couple of hours. Ethereum, on its side, was not able to surpass the resistance level of $190, and at the moment, it is correcting the recent gains. At the moment, the coin is trading below the Fib retracement level of 23.6%. This represents the upward move to the swing high of $190, and beginning from the low of $180.
The price is not too far from attaining a new level of $186 as well as the 100- Hourly SMA – Simple Moving Average. In addition to that, there is also short term ascending channel that has began to form with the support around $186 on the Ethereum and US Dollar hourly chart.
Hopes Are Still High For ETH
The 50% Fib retracement level of the upward move from the swing high of $190 to the low of $186 is just below the channel support. Thus, ETH price could be able to fins bids in the region of $185 and even continue soaring higher. On the higher side, both the $190 and $188 levels are very vital hurdles for the bulls. A successful close over the level of $190 is required for any bullish continuation.
Market commentators think that the next major resistances could be near the price levels of $200 and $205. On the other hand, ETH could also witness some decline. When the channel support is broken, it might decline below the support of $185. In an event like that, the price might even revisit the range support area that is in the region of $182 level.
From The Main Charts
Ethereum is stuck in a wide range that is between the supports of $180 and $182. More could be seen if the bears continue to struggle in the region of $182. When that happens, the price might begin a strong upward move that is over $190.