The Ethereum today’s news show that ETH is showing a lot of positive signs above the $175 and $180 levels against the US dollar. And while ETH is grinding higher, Bitcoin is climbing higher as well with a possibility to revisit the key $10,000 resistance area.
We could notice a rising channel forming with support near $183 on the hourly chart of ETH/USD (with data form Kraken). The pair is very likely to continue higher and break the $190 and $192 resistance levels in the near term.
Despite the downside correction which affected the price of Ether, ETH is grinding and now trading at $182 with a 1.16% rise on the day. Even though this is nothing when compared to other gains (such as TRON’s TRX 25% gain overnight), we can see that Ethereum is slowly but surely building up its momentum and preparing for a major hike towards $200.
The recent swing low for ETH was near $175 before the cryptocurrency started a fresh increase. This is how it broke the $180 and $182 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downward move from the $199 high to the $175 swing low.
This is why ETH is grinding – the price tested the $190 resistance level before but figured that bears are putting up a strong fight. Additionally, the move from $199 to $175 is acting as resistance. Therefore, an upside break above the $190 resistance will definitely open the doors for more gains in the coming sessions.
On the downside, if the Bitcoin news show another steep fall, they will likely influence the entire markets. When looking at the current chart, the possibility for that is low. Also, we can see that ETH is grinding and clearly climbing higher steadily above $185.
That being said, the price must break the $190 resistance level in order to continue higher. If not, there are chances of another downside correction towards the $175 support area in the near term.
The technical indicators for Ether (ETH) are as following:
- Hourly RSI – The RSI for ETH/USD is now correcting to a lower point and approaching the 50 level.
- Major Support Level – $180
- Major Resistance Level – $190
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