- ETH price broke the main hurdle near the $178 and $180 resistance levels against the US Dollar.
- The price even broke the $200 resistance level before starting a downside correction.
- There is a major bullish trend line in place with support near $178 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on dips and it could rally strongly above $200 and $210.
Ethereum price finally gained bullish momentum versus the US Dollar, along with bitcoin. ETH seems to be eyeing a larger upward move above the $200 resistance level.
Ethereum Price Weekly Analysis
This past week, Ethereum price struggled on many occasions to clear the $172 resistance against the US Dollar. However, the recent sharp rise in bitcoin price above the $7,000 level triggered an upside break. The ETH/USD pair broke the $172 and $178 resistance levels to move into a positive zone. The upward move was strong since the price even surged above the $190 level and settled well above the 100 simple moving average (4-hours). The bulls pushed the price above the $200 level and a new monthly high was formed near the $206 level.
Later, there was a sharp downside correction below the $200 and $190 levels. The price traded below the 50% Fib retracement level of the last wave from the $169 swing low to $206 high. There was a spike below the $188 level, but the $184 level acted as a support. ETH price tagged the 61.8% Fib retracement level of the last wave from the $169 swing low to $206 high, and recently bounced back. On the downside, there are many supports near $185, $180 and $178. There is also a major bullish trend line in place with support near $178 on the 4-hours chart of ETH/USD.
The pair is already recovering and it is trading above the $188 and $190 levels. An initial resistance is near the $195 level, above which the price could break the $200 level. A daily close above the $200 level might start a larger upward move. The next key resistances for the bulls are near $210 and $220.
The above chart indicates that Ethereum is well supported above the $185 and $180 levels. There might be a few swing moves, but the price will most likely climb above $200. The main target for the bulls could be $220 or even $225 in the near term.
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well above the 70 level and it could move further higher.
Major Support Level – $185
Major Resistance Level – $200
Author: Aayush Jindal