ETH price extended its recent upward move and tested the $202 resistance against the US Dollar.
The price is struggling to gain bullish momentum above the $202 resistance area.
There is a short term ascending channel forming with support near $198 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline a few points, but dips remain supported near $198, $195 and $192.
Ethereum price is showing positive signs above $195 versus the US Dollar, while bitcoin is up 5%. ETH price is likely to accelerate higher once it settles above the $202 resistance area.
Ethereum Price Analysis
Yesterday, there was a decent recovery initiated in ETH price above the $190 resistance against the US Dollar. More importantly, bitcoin price rallied and climbed above the $10,500 and $10,600 resistance levels (as discussed yesterday). It opened the doors for more gains and ETH/USD climbed above the $195 and $198 resistance levels. Moreover, there was a break above the $200 resistance and a close above the 100 hourly simple moving average.
However, Ethereum price seems to be facing a strong resistance near the $202 zone. The price made a few attempts to gain strength above $202, but it failed. At the moment, the price is consolidating near $200, with an immediate support near the $198 level. Moreover, the 23.6% Fib retracement level of the recent wave from the $184 low to $203 swing high might also act as a support.
Additionally, there is a short term ascending channel forming with support near $198 on the hourly chart of ETH/USD. Below the channel support, the next important support is near the $195 level. The 50% Fib retracement level of the recent wave from the $184 low to $203 swing high is also near $194 to act as a support. More importantly, the 100 hourly SMA is at $194 to provide support if Ethereum dips.
Therefore, the price could decline a few points, but dips remain supported near $198, $195 and $192. On the upside, the price must gain momentum above the $202 and $204 levels. A successful close above $205 might pump the price further higher towards the $210 and $215 levels.
Looking at the chart , Ethereum price is facing a major resistance near the $202 zone. If it continues to struggle, there could be a downside correction. Having said that, the bulls are likely to remain active near the $195 and $192 support levels. Only a close below $190 could negate the current bullish view.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower below the 60 level.
Major Support Level – $192
Major Resistance Level – $202
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