Ethereum is gearing up for a new rise and gaining bullish momentum above the $190 area as the latest news show. Finally, the ETH bulls can hope for a new increase and a breach of the $200 mark which has been a major psychological level for some time now. Today, we can see that ETH flirts with its key resistance and is trading nicely above $195.
In fact, the Ethereum news show that the biggest altcoin formed a new monthly high near the $198 levels and the price is currently consolidating its gains. There is also a short term contracting triangle forming with resistance near $198 on the 4-hours chart of ETH/USD.
The good news came from past week’s performance, where Ethereum remained in an uptrend above the $155 and $160 levels area against the US dollar. The price of the coin gained bullish momentum and surged above the $180 resistance.
We could also notice a break above $188 and this crucial movement allowed the coin to move upwards even more. Now, ETH flirts with the key resistance again and many are hoping to see the biggest altcoin above $200 very soon. This could happen only if the cryptonews show more influxes of capital and solid volumes in the days ahead of us.
Right now, ETH is testing the 23.6% Fib retracement level of the recent wave from a $178 low to a $198 high. The price of Ether is monitored by many now and while there is a bullish momentum, on the downside we can notice an initial support near the $192 level. The first major support is near the $188 level (which is actually the recent breakout zone).
Anyways, the 50% Fib retracement level pictures how ETH flirts with the upper resistance. And while no one likes to think about lower positions, there is also a possibility of a bearish wave which can bring ETH in the $180s again.
Most importantly, we can see a short term contracting triangle that is forming with resistance near $198 on the 4-hours chart of ETH/USD. If there is an upside break above $198, the coin could easily surge above $200 and settle in nicely. As ETH flirts with its upper resistance levels, the technical indicators are as following:
- 4 hours MACD – The MACD for ETH/USD is right now losing pace in the bullish zone.
- 4 hours RSI – The RSI for ETH/USD is now going lower from the 65 level.
- Major Support Level – $185
- Major Resistance Level – $200
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