Ethereum is back in a positive zone above the $175 and $180 levels.
The bulls are now in control and they are likely aiming a test of the $200 level.
There was a break above a major bearish trend line with resistance near $177 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair could correct lower, but dips remain supported near $178 and the 100 hourly simple moving average.
Ethereum Price Turns Green
Yesterday, we discussed why Ethereum must surpass the 100 hourly simple moving average for a fresh rally against the US Dollar. ETH price remained well bid above the $170 level and it did break the 100 hourly SMA.
The bulls gained control and they were able to clear a couple of important hurdles near the $175 and $180 levels. Ether price even rallied above the 61.8% Fib retracement level of the main drop from the $190 swing high to $165 low.
Moreover, there was a break above a major bearish trend line with resistance near $177 on the hourly chart of ETH/USD. The pair tested the $185 resistance area and it is currently consolidating gains.
Ethereum Price
An initial support for Ethereum on the downside is near the $180 level. It is close to the 23.6% Fib retracement level of the recent rally from the $165 low to $185 high. The first key support is seen near the $178 zone (the recent breakout zone) and the 100 hourly SMA.
The main support is near the $175 level. It is close to the 50% Fib retracement level of the recent rally from the $165 low to $185 high. Any further losses may perhaps open the doors for a larger decline towards the $165 support zone
More Upsides?
The current price action suggests Ethereum is trading nicely in an uptrend above the $180 level. On the upside, an initial resistance is near the $185 level.
The first major resistance is near the $190 level, above which the bulls are likely to aim a test of the $195 and $200 levels in the near term. The next stop for them could be $205.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining traction in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower from well above the 70 level.
Major Support Level – $180
Major Resistance Level – $190
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