Ethereum (ETH) Price Likely Setting Up For Next Rally @newsbtc #Analysis #Technical #ETH #ethereum

• Ethereum price is trading nicely above the $180 support area against the US Dollar.
• Bitcoin price is down more than 2%, but it is trading well above the $9,000 support area.
• There was a break abo...
  • Ethereum price is trading nicely above the $180 support area against the US Dollar.
  • Bitcoin price is down more than 2%, but it is trading well above the $9,000 support area.
  • There was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to gain pace and it could rally above the $188 and $190 resistance levels.

  Ethereum price is showing positive signs above $180 versus the US Dollar, while bitcoin is correcting lower. ETH price is likely to start a fresh increase above $188.

  Ethereum Price Analysis

  Recently, there was a downside correction in Ethereum from the $200 resistance area. ETH price declined below the $190 and $185 levels. However, the $175 area provided support and the price remained well above the 100 hourly simple moving average.

  A swing low was formed near $174 and the price started a fresh increase. It recovered above the $180 and $182 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the downside correction from the $199 high to $174 low.

  At the outset, the price is trading well above the $182 level and the 100 hourly SMA. Besides, there was a break above a connecting bearish trend line with resistance near $185 on the hourly chart of ETH/USD.

  An immediate resistance is near the $186 and $188 levels. More importantly, the 61.8% Fib retracement level of the downside correction from the $199 high to $174 low is near the $190 level to stop the upward move.

  Therefore, Ethereum must surpass the $188 and $190 resistance levels to continue higher in the near term. The next major resistance is near the $195 level, above which the price could revisit the $200 handle.

  On the downside, there is a strong support forming near the $180 level and the 100 hourly SMA. If there is a bearish break below the $180 support, the price could decline towards the $175 support. Any further losses may perhaps lead the price towards the $170 pivot level.

  

  Ethereum Price

  Looking at the chart, Ethereum price is showing a lot of positive signs above the $180 support area. A convincing close above the $188 and $190 resistance levels could set the pace for another rally towards the $200 area. If no, there is a risk of an extended downside correction towards the $170 zone.

  ETH Technical Indicators

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

  Hourly RSI – The RSI for ETH/USD is climbing higher and is well above the 50 level.

  Major Support Level – $180

  Major Resistance Level – $190

  The post Ethereum (ETH) Price Likely Setting Up For Next Rally appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-eth-price-likely-setting-up-for-next-rally-5db7c751a76ca7d120e8ea73