Ethereum Price Must Rise Above $205 To Start A Strong New Rally
Ethereum price remained well bid above the $180 and $185 support levels against the US Dollar. As a result, ETH price started a steady rise and broke the main $192 resistance to move into a positive zone.
The bulls were able to push the price above the $195 level and the 100 hourly simple moving average. The price even spiked above $200 and traded as high as $201.
Ether is currently correcting gains and trading near the $198 level. The first major support is seen near the $195 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent rise from the $188 low to $201 high.
More importantly, there is a major bullish trend line forming with support near $195 on the hourly chart of ETH/USD. If Ethereum corrects lower, it is likely to find a decent support near $195 and the 100 hourly SMA.
On the upside, an initial resistance is near the $200 level. The main resistance is near the $205 level and a connecting bearish trend line on the same chart. If there is a clear break above the $205 resistance zone, the price is likely to accelerate higher towards $220 or even $230.
The 76.4% Fib retracement level of the recent rise from the $188 low to $201 high is also near the $192 level to stop the bears. Any further losses may restart downtrend and the price might revisit $180.
Hourly MACD – The MACD for ETH/USD is currently losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower towards the 60 level.
Major Resistance Level – $205
Ethereum Price Must Rise Above $205 To Start A Strong New Rally – NewsBTC.com