Ethereum price started a fresh increase after it cleared the $173.00 resistance. ETH is rallying alongside bitcoin and it seems like it could extend gains above $190.00.

  • Ethereum price rallied sharply above the $178.00, $180.00 and $182.00 levels.
  • A bullish continuation pattern forming with resistance near $188.00 on the 30-minute chart.
  • ETH price could dip a few points towards $184.00 or $182.00 before resuming upside.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

There was an upside extension in bitcoin price recently, resulting in a bullish break for Ethereum above the $173.00 and $175.00 resistance levels. ETH price surged above the $180.00 level and traded towards the $190.00 level (Bitfinex).

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair started a strong rally from the $167.62 swing low. It broke a major bearish trend line with resistance near $170.00 to move into a positive zone.

There was a close above $173.00, $180.00, and the 25 simple moving average (30-min). The bulls took control and the price traded to a new monthly high at $191.94. At the moment, it is correcting gains below $188.00, and the 23.6% Fib retracement level of the recent leg from the $181.54 low to $191.94 high.

More importantly, there is a bullish continuation pattern forming with resistance near $188.00 on the same chart. Therefore, an upside break above the $188.00 level is likely to set the pace for a push above $191.00 and $192.00.

The next main resistances are near $198.00 and $200.00, where sellers may emerge. On the downside, an immediate support is near $185.50, and the 61.8% Fib retracement level of the recent leg from the $181.54 low to $191.94 high.

If there is a downside break below $185.50, the price might retest the $181.00 support area (the recent breakout resistance).

Overall, Ethereum price moved sharply into an uptrend above $173.00 and $180.00. Therefore, ETH price is likely to extend gains above $190.00 and $192.00. In the short term, there could be a downside correction, but the $180.00-181.00 area is likely to act as a support.

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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