Ethereum (ETH) Gaining Momentum, $200 Seems Imminent

• Ethereum price is rising steadily and trading well above the $188 support against the US Dollar.
• Bitcoin is facing hurdles near $9,500, but it is likely to continue higher in the near term.
• There is a new bullish trend line forming with support near $187 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains well supported on the downside near the $188 and $185 levels.

Ethereum price is trading in an uptrend above $185 versus the US Dollar, while bitcoin is consolidating. ETH price is likely to continue higher towards the $200 and $205 levels.

Ethereum Price Analysis

After testing the $175 support, Ethereum started a steady rise above the $180 resistance. Moreover, there was a break above the $185 resistance and the 100 hourly simple moving average.

The price even broke the 61.8% Fib retracement level of the last drop from the $199 high to $174 low. It opened the doors for more gains above $190. The price tested the $194 area and it is currently correcting lower.

An immediate support is near the $188 level. Additionally, the 50% Fib retracement level of the recent wave from the $184 low to $193 high is also near the $188 level. More importantly, there is a new bullish trend line forming with support near $187 on the hourly chart of ETH/USD.

There is also a new bullish trend line forming with support near $187 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $184 low to $193 high.

Therefore, a downside break below the $187 level might push Ethereum towards the $182 support area. The 100 hourly SMA is also near the $182 level to provide support.

On the upside, an immediate resistance is near the $195 level. A clear break above the $195 level could set the pace for more gains above the $198 and $200 resistance levels. If there are more upsides, the next stop for the bulls may perhaps be near the $205-$206 zone.

Ethereum Price

Looking at the chart, Ethereum price is clearly climbing steadily above the $188 and $190 levels. Thus, there are high chances of an upside break above the last swing high near $200. Conversely, if there is a downside correction, the price could dip towards the $188 support area. The main support is now near the $182 level and the 100 hourly SMA.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting lower and it could soon test the 55 level.

Major Support Level – $182

Major Resistance Level – $195

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