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.
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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).
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.