Ethereum Is Prepared For A Fresh Rally To $200

The latest ETH news show that the price of the biggest altcoin out there is continuously rising and recently broke the $185 and $186 resistance levels which were pinned for the cryptocurrency a couple of days ago. As Bitcoin (BTC) revisits the $9,400 region, Ethereum is prepared for a new fresh rise above $200, too.

After forming a support base circling around the $180 region, Ethereum started a steady rise above the $182 mark against the US dollar. The ETH price followed with a recovery, breaking a strong resistance near the $185 and $186 levels.

Additionally, there was a new close above the $185 level which shows that Ethereum is prepared for a new rise. During the previous rise of ETH, there was a break above yesterday’s highlighted bearish trend line with resistance near the $182 region.

Finally, the price tested the $190 resistance area which is where it showed that Ethereum is prepared for a new rise. There was a break below the $188 level, plus the 23.6% Fib retracement level of the recent wave from the $179 low to a $189 swing high.

Still, it is important to note that the previous resistance near the $185 area is now acting as a decent support. More importantly, we can see a new bullish trend line forming with support near $185 on the hourly chart of ETH/USD.

The 50% Fib retracement level of the recent wave from the $179 swing low to a $189 swing high showed that Ethereum is prepared to make the news soon and rise above $200. The main support is still at $182 and the current price of ETH at press time is $189 with a new 1.62% increase.

In order to go above $200, Ethereum (ETH) needs to breach the $190 region first which is its current endeavor. On the upside, the resistance is set at $192 and $193 and on the downside, ETH could retrace to $186 and $185.

What’s good is that Ethereum is prepared for a new bull run – in fact, it is actually showing a few positive signs above the $185 support area. That being said, the path towards the $200 barrier won’t be that easy. If the bulls struggle to clear the $190 and $192 resistance levels, we could see a bearish reaction below the $185 support.

• Hourly MACD – The MACD for ETH/USD is definitely moving back in the bullish zone.
• Hourly RSI – The RSI for ETH/USD is well above the 50 level, showing positive signs.
• Major Support Level – $185
• Major Resistance Level – $192 and $193