The Ethereum news today show that the biggest altcoin out there is forming a decent support base above $180 against the US Dollar, and the ETH price is very likely to start a strong increase if it breaks the $192 resistance zone. In a nutshell, as ETH minimizes losses, many expect the coin to breach the $190 and even $200 mark this week.
Over the past week, we noticed that the price of the Ethereum cryptocurrency has been facing a couple of key hurdles near $190 and $192. It seems like there is an inverse head and shoulders pattern that is forming with resistance near these levels.
As Bitcoin dropped below $9,000 over the weekend, the price of ETH also dropped to $180. However, ETH minimizes losses now and could be retracing to break the $192 support very soon.
There was a break above the $185 level which made ETH push higher and currently, the coin is trading at $188 in the cryptocurrency news. The price surpassed the 23.6% Fib retracement level of the downward move from the $214 swing high to the $180 low.
On the upside, we can notice a major resistance forming near the $190 and $192 levels, as well as a key connecting bearish trend line forming with resistance near $190 on the hourly chart of the ETH/USD pair.
It seems like there is an inverse head and shoulders pattern that is forming with resistance near $190 and $192. As ETH minimizes losses, these regions look very attractive to the upcoming bulls. ETH, however, might dip a few points for forming the right shoulder near the $185 level.
On the upside, the altcoin news and rumors suggest that the bulls need to push the price above $192 so that we see a test at $195 and then $200 as the crucial mark for Ethereum. Just like Bitcoin needs to go above $10,000, ETH needs to retrace and go over $200 after the block reward halving for BTC happening this week.
In a bearish scenario, ETH would fall to $180 and resume its decline towards $175 which acts as the main support now. The technical indicators look like the following:
- Hourly MACD – The MACD for ETH/USD is now moving nicely in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently struggling to position itself above the 50 level.
- Major Support Level – $180
- Major Resistance Level – $192
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post