The latest Ethereum price news show that ETH seems to be consolidating for quite some time now and is above the $180 level against the US dollar. However, analysts believe that the price could start a strong upward move above $190 soon as long as it is in this area. It is the long consolidation level which could trigger Ethereum (ETH) to trade in a broad range above the $180 support against the USD.
There is also a short term ascending channel that is forming with support near $186 on the hourly chart of ETH/USD as data from Kraken shows. ETH bears have made a few attempts to push the price below the $180 and $178 levels but they failed. Similarly, there was no upside break above the $188 and $190 resistance.
Recently, the price of ETH revisited the $182 support area and started a fresh increase. This is how it broke the $185 resistance and the 100 hourly simple moving average. Moreover, we could also see a spike above the $188 resistance.
Still, the long consolidation made Ethereum fail to surpass its psychological $190 resistance area and is right now correcting the recent gains. The price of Etehereum right now is $187.27 with a minimal decline on the day.
Despite the red position, Ethereum looks good in the momentum analysis. Analysts agree that it could form a swing high to reach $190 very soon. At the moment, the price is bullish and could find bids near $185 and continue higher.
Conversely, there is also a probability for the long consolidation to extend and break the channel support, bringing the price below $185. In this mentioned case, the price is likely to revisit the range support area and stabilize around the $182 level.
When looking at the chart, it is unclear whether the long consolidation period will continue. What’s clear is the fact that Ethereum is stuck in a broad range above the $182 line and needs to initiate new gains in the altcoin news and rumors and position itself as a leader soon. If the bears continue to struggle near $182, we could see a strong upward move above $190 in the near term.
The technical indicators for Ethereum (ETH) in the long consolidation period now are as following.
- Hourly RSI – The RSI for ETH/USD is right now declining and may approach the 50 level.
- Major Support Level – $182
- Major Resistance Level – $190
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