It appears that Ethereum is now eying fresh new rally to $200. The price has soared up in the past couple of hours. It has even managed to break its main resistance levels of $185 and $186 against its major rival, the US Dollar.
Good News For Ethereum
As compared to the US Dollar, the price of Ethereum is gradually climbing higher. There are possibilities that it would later rise towards the level of $200 level just as long as it is way above $182. It began the steady surge above the price of $182 after having formed a support base in the region of $180. The price later recovered and even broke a strong resistance that had formed near the levels of $186 and $185.
On top of that, there was a close above the level of $185 as well as the 100-hourly SMA – Simple Moving Average. There are also other happenings that were recorded during the rise. One of them was a break higher than the main bearish trend line that was recorded yesterday. The resistance level here was $182.
New Resistance Levels For The Crypto Coin
Later on, the price managed to test a new resistance level that was $190. At the moment, it is correcting lower. There was, however, a break way below the level of $188. In addition to that, there was also a 23.6% Fib retracement level of the latest wave to the swing high $189 from the low of $179. There last recorded resistance that was in the region of $185 area is now working as the latest support.
It is also important to note that there is a new bullish trend line that has started to form around $185 on the Ethereum/USD hourly chart. More support is still provided by the 50% Fib retracement level of the latest wave from the low of $179 to the high of $189. The main support, as noted earlier, is around the price level of $182. This is due to the fact that it tends to coincide with the 100-Hourly Simple Moving Average.
What Might Happen Next
There are still chances that Ethereum might find itself in the bearish zone. This will be the case if it breaks the trend and finds itself trading right below $182. But on the brighter side, the closest resistance is around the level of $190. The price could begin an increase towards the main resistance level of $200. This will only be the case if there is a proper break above the level of $190.
Ethereum is already showing some positive signals above the support level of $185. But what this means is that the path towards the $200 will not be easy. There could even be a bearish clash below the support level of $185. This will happen are the bulls attempted to clear the two resistance levels of $190 and $192.