ETH Price Is Consolidating, Forming An Ascending Channel Above $180

ETH price is consolidating for a long time now trying to go past the $180 level against the US dollar and the price could start a strong upward movement above the $190 as we are reading further in the ETH news below.

There is a short-term ascending channel forming strong support near the $186 on the hourly chart of the pair while Bitcoin is still capped by the $8,880 and $8,960 resistance level. Ethereum’s price is trading on a broad range against the US dollar and bitcoin so the price will remain slightly above the 8 support and it could even soon make a huge upward move.
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Over the past few days, ETH price is consolidating in a broad range and the bears made a few attempts to push the price below the $180 support levels but they didn’t manage to do that. Similarly, there was no upside break above the $188 and $190 resistance level and the rice is now revisiting the $182 support area and even start a fresh increase. It also broke the $185 resistance and the 100 hourly simple moving average.

There was also a spike above the $188 resistance level but Ethereum failed to surpass the $190 resistance area and is now trying to correct the recent gains. It is now trading below the 23.6% Fib retracement level from the upward movement to the $182 low to the $190 high. Right now, the price is getting close to the $186 level and the 100 hourly simple moving average and the short-term ascending channel forming to the near support level of $186 on the hourly chart of the pair. The 50% Fib retracement level of the upward move from the $182 low to the $190 high is below the channel support so the price could even find support to the $185 and continue higher.

On the upside level, the $188 and $190 levels are very important for the bulls so a successful close above the $190 level is much needed for a further bullish continuation. The next key resistance is getting close to the $200 level. The price could even break the channel support and decline to the $185 level so the price is likely to revisit the range support area to the $182 level. Looking at the charts, the ETH price is stuck in the range above $182 and $180 support levels.