Ethereum Breaks $180 Resistance Area, Goes For The $200

Ethereum breaks the $180 resistance area against the US dollar after it surged more than 5 percent and is now approaching the $200 price as we are reading in the ethereum news today.

Ethereum shows a lot of positive signs and climbed above the $180 resistance area, remaining well above the $170 support and the 100 hourly simple moving average. There’s also a new bullish trend line forming with support close to the $182 on the hourly charts of ETH/USD while Bitcoin faces a strong resistance close to the $9,500 level.

Ethereum’s price remained above the $170 support and its 100 hourly simple moving average and as a result, there was a decent increase above the $175 resistance area. There was also a break above the connecting bearish trend line and a resistance of $174 on the hourly charts of ETH/USD. The bulls boosted the price above $178 and now Ethereum breaks $180 resistance levels, gaining 5 percent while the Bitcoin price is still facing a strong resistance close to the $9,500 level. A new yearly high was formed at the $187 and ETH is now correcting gains, testing the 23.6% Fib retracement level of the recent rally from the $170 low to the $187 high.

On the upside, there was an initial resistance close to the $185 and $188 levels. A clear break above the $188 level could even set the momentum for a test on the main $200 resistance area. On the downside, there a few support levels for Ethereum near the $178 and $180 levels and there’s also a new bullish trend line forming with the support near the $182 on the same charts. Furthermore, the 50% Fib retracement level of the rally from the $170 swing low to $187 high is also close to the $178 level. The price remained in good support on the downside near the $180 and $178 levels. If the bulls manage to defend the $178 support level, there could be a risk of a larger downside correction below the $175 so the main support trends are not close to the $170 level.

The hourly MACD for ETH/USD is slowly losing momentum in the bullish zone while the RSI for ETH/USD is correcting lower to the 50 levels with a slightly more bearish angle. The major support level is getting close to $178 while the major resistance level gets closer to $188.