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.

Ethereum Price

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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.

Ethereum Price Analysis ETH Chart

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.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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