Ethereum price started a strong rally above $178.20 and $188.00. ETH corrected lower recently, but downsides remain limited and the price is likely to trade higher towards $200.00 or $204.00.

  • Ethereum price reacted to the upside after it broke $178.20 and $182.50.
  • A crucial breakout pattern is forming with resistance near $193.20 on the 30-minute chart.
  • ETH price could start a fresh increase once it surpasses $194.00 and $195.00.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

After bitcoin’s sharp rally above $7,000, Ethereum started a steady rise. The bulls gained momentum after the price cleared the key $178.20 and $182.50 resistance levels. ETH rallied above the $190.00 level and even traded to a new monthly high above the $200.00 level.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as high as $203.60 and recently started a downside correction. There was a sharp decline below the $192.50 support and the 25 simple moving average (30-min).

The price even broke the $185.00 level and traded as low as $183.50. The price found support and it is currently moving higher above $187.00, and the 23.6% Fib retracement level of the recent decline from the $201.16 high to $183.50 low.

Ether even traded above $190.00 and the 25 simple moving average (30-min), but it faced resistance near the $193.00 level. It seems like the 50% Fib retracement level of the recent decline from the $201.16 high to $183.50 low is acting as a resistance.

Besides, there is a crucial breakout pattern forming with resistance near $193.20 on the same chart. If there is an upside break above $193.20 and $194.00, the price is likely to climb above $195.00 and $200.00 in the next two sessions.

Alternatively, if the price fails to climb above $194.00 or $195.00, it might extend the downside correction towards the $183.50 support. The next main support is at $178.20, below which Ethereum price may move back in a bearish zone. Overall, ETH price is likely to resume its upward move as long as the $178.20 support is intact.

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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