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Ethereum Just Broke $190 and Its Primed To Test $205: Here’s Why

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Ethereum is gaining bullish momentum above $190 against the US Dollar. It seems like ETH price is preparing for more gains towards the $200 and $205 resistance levels in the near term. Ethereum is showing positive signs above the $188 and $190 levels. The price could face a strong selling interest near the $200 and $205 levels. There was a break above a key declining channel with resistance near $188 on the hourly chart of ETH/USD (data feed via Kraken). A clear break above the 100 hourly SMA and $195 might open the doors for more gains. Ethereum Price is Gaining Traction Ethereum price seems to be forming a decent support base above the $175 and $180 levels against the US Dollar. ETH price is currently rising (similar to bitcoin) and it recently surpassed the $185 and $188 resistance levels. There was a clear break above the 23.6% Fib retracement level of the last major downward move from the $214 high to $176 low. More importantly, there was a break above a key declining channel with resistance near $188 on the hourly chart of ETH/USD. Ethereum Price The pair is now approaching the $192 resistance and the 100 hourly SMA. An immediate hurdle above the 100 hourly SMA is near the 50% Fib retracement level of the last major downward move from the $214 high to $176 low at $195. If Ethereum clears the $195 resistance, it is likely to continue higher towards the $200 handle. Any further gains could lead the price towards the $205 resistance level. There is also a connecting bearish trend line forming with resistance near $207 on the same chart. Once Ether settles above the $200 and $205 resistance levels, there are chances of a strong and sustained upward move towards the $220 resistance zone. Bearish Rejection If Ethereum fails to gain momentum above the $195 resistance or the $200 barrier, it could face a fresh round of selling. An initial support is near the $188 level. The first major support is near the $180 level, below which the price could revisit the main $176 and $175 support levels. Any further losses may lead the price towards the $165 level in the coming days. Technical Indicators Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level. Major Support Level – $180 Major Resistance Level – $195 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Aayush Jindal, Khareem Sudlow