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Ethereum Looks Ready For Another Leg Higher Over $192

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Ethereum is forming a decent support base above $180 against the US Dollar. ETH price is likely to start a strong increase if it breaks the $192 resistance zone. Ethereum started an upside correction from the $180 low and corrected above $185. The price is currently facing a couple of key hurdles near $190 and $192. There is a key connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD (data feed via Kraken). It seems like there is an inverse head and shoulders pattern forming with resistance near $190-$192. Ethereum Price Could Climb Above $195 This past week, we saw a sharp decline in bitcoin and Ethereum below $9,000 and $200 respectively against the US Dollar. ETH price even broke the $192 support and settled below the 100 hourly simple moving average. It traded as low as $180 and recently started an upside correction. There was a break above the $185 level, plush the price surpassed the 23.6% Fib retracement level of the downward move from the $214 swing high to $180 low. On the upside, there is a major resistance forming near the $190 and $192 levels. There is also a key connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD. Ethereum Price It seems like there is an inverse head and shoulders pattern forming with resistance near $190-$192. In the short term, Ethereum might dip a few points for form the right shoulder near the $185 level. On the upside, the bulls need to push the price above the $190 and $192 resistance levels. If they succeed, Ether might continue to recover above the $195 resistance. The next major resistance is near the $198 and $200 levels. The 50% Fib retracement level of the downward move from the $214 swing high to $180 low is also near the $198 level to act as a resistance. Therefore, a clear break above $198 and $200 could lead the price towards $210. Bearish Scenario If Ethereum fails to stay above the $185 and $180 support levels, it could resume its decline. The next support is seen near the $178 level. The main support might be $175, below which the bears are likely to aim a sustained downward move towards the $162 and $160 levels. Technical Indicators Hourly MACD – The MACD for ETH/USD is currently moving nicely in the bullish zone. Hourly RSI – The RSI for ETH/USD is struggling to move above the 50 level. Major Support Level – $180 Major Resistance Level – $192 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money. Featured image from unsplash.

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Aayush Jindal, Khareem Sudlow