Ethereum Looks Ready For Another Leg Higher Over $192
Altcoins2020/05/11 06:48 by Aayush Jindal
Ethereum is forming a decent support base above $180 against the US Dollar. ETH price is likely to start a strong increase if it breaks the $192 resistance zone.
Ethereum started an upside correction from the $180 low and corrected above $185.
The price is currently facing a couple of key hurdles near $190 and $192.
There is a key connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD (data feed via Kraken).
It seems like there is an inverse head and shoulders pattern forming with resistance near $190-$192.
Ethereum Price Could Climb Above $195
This past week, we saw a sharp decline in bitcoin and Ethereum below $9,000 and $200 respectively against the US Dollar. ETH price even broke the $192 support and settled below the 100 hourly simple moving average.
It traded as low as $180 and recently started an upside correction. There was a break above the $185 level, plush the price surpassed the 23.6% Fib retracement level of the downward move from the $214 swing high to $180 low.
On the upside, there is a major resistance forming near the $190 and $192 levels. There is also a key connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD.
Ethereum Price
It seems like there is an inverse head and shoulders pattern forming with resistance near $190-$192. In the short term, Ethereum might dip a few points for form the right shoulder near the $185 level.
On the upside, the bulls need to push the price above the $190 and $192 resistance levels. If they succeed, Ether might continue to recover above the $195 resistance.
The next major resistance is near the $198 and $200 levels. The 50% Fib retracement level of the downward move from the $214 swing high to $180 low is also near the $198 level to act as a resistance. Therefore, a clear break above $198 and $200 could lead the price towards $210.
Bearish Scenario
If Ethereum fails to stay above the $185 and $180 support levels, it could resume its decline. The next support is seen near the $178 level.
The main support might be $175, below which the bears are likely to aim a sustained downward move towards the $162 and $160 levels.
Technical Indicators
Hourly MACD β The MACD for ETH/USD is currently moving nicely in the bullish zone.
Hourly RSI – The RSI for ETH/USD is struggling to move above the 50 level.
Major Support Level β $180
Major Resistance Level β $192
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
Featured image from unsplash.
0 Like(s)
You should also read...
Altcoins07/05/20 06:38 by Aayush Jindal
Do or Die For Bulls: Can Ethereum Surge Past $210 & $220?
Ethereum is struggling to gain bullish momentum above the $210 and $220 resistance levels against the US Dollar. ETH price remains at a risk of drop below $200 if it continues to struggle near $210.
... Read More
Altcoins30/10/20 06:48 by Aayush Jindal
TA: Itβs Decision Time for Ethereum As It Approaches a Crucial Breakout Pattern
Ethereum is stuck in a crucial range above the $382 support against the US Dollar. ETH price could either jump above $392 or it might nosedive below $380.
Ethereum is struggling to stay above the key... Read More
Altcoins16/11/20 06:48 by Aayush Jindal
TA: Ethereum Could Narrowly Avoid a Major Correction if it Reclaims $460
Ethereum started a downside correction below the $460 support level against the US Dollar. ETH price is now trading below $450 and it remains at a risk of more downsides.
Ethereum is showing a few be... Read More
Altcoins26/01/21 06:18 by Aayush Jindal
TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275
Ethereum started a downside correction after trading to a new all-time high at $1,480 against the US Dollar. ETH price is currently approaching the $1,300 and $1,275 support levels.
Ethereum started ... Read More
Altcoins23/06/21 07:28 by Aayush Jindal
TA: Ethereum Trims Losses, Why ETH Could Face Hurdles Near $2,060
Ethereum dived towards the $1,700 level before it started a strong recovery against the US Dollar. ETH price is back above $2,000, but it is likely to face hurdles near $2,060.
Ethereum extended its ... Read More