Ethereum price gained bullish momentum after it broke the $174.00 and $178.00 resistances. ETH dragged the crypto market higher, with gains in bitcoin, ETC, XRP, BCH and XLM.
- Ethereum price broke the $178.00 resistance and traded towards the $190.00 level.
- There was a break above a crucial bullish continuation pattern at $170.00 on the 30-minute chart.
- ETH is currently trading inside a bullish flag and it could soon break the $190.00 resistance.
Read: Cryptohopper for Trading ETH
Ethereum Price Analysis
In the past three sessions, there was a strong rise in Ethereum price above the $174.00 and $178.00 resistance levels. ETH even broke the $185.00 resistance and traded to a new multi-month high near the $188.00 level. It also helped bitcoin price in trading above the $5,200 and $5,250 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair started a fresh increase after trading as low as $166.78. It broke the $170.00 resistance level and a crucial bullish continuation pattern to start a solid upward move above the $174.00 resistance level.
It cleared the $178.00 and $180.00 resistance level. There was even a close above the $178.80 pivot and the 25 simple moving average (30-min). Intermediately, there was a bullish continuation pattern formed before the price climbed above the $185.00 resistance.
A new multi-month high was formed at $187.88 and the price is currently consolidating gains. At the outset, the price is trading inside a bullish flag with resistance near the $188.00 level.
Recently, the price corrected lower below the $185.00 level and the 23.6% Fib retracement level of the recent wave from the $173.81 low to $187.88 high. However, the price remained well supported above the $180.00 level.
Besides, the 50% Fib retracement level of the recent wave from the $173.81 low to $187.88 high is also sitting near the $180.00 level. Therefore, dips remain well supported near the $180.00 and $178.80 levels.
On the upside, a clear break above the $188.00 level is likely to push Ethereum above the $190.00 resistance level. More importantly, if ETH buyers gain momentum, they could lead the price towards the $200.00 barrier in the coming sessions.
The market data is provided by TradingView, Bitfinex.