The price of Ethereum is very close to $200 – in fact, the ETH price has been breathing down the neck of this target and could start a short-term downside correction if it does not go above $200. In such a scenario, the cryptonews could also show reverse movement and correction.
Currently, ETH is trading in a range below the $200 and $202 resistance levels. The price of the coin is showing a few bearish signs below the $200 pivot level. There is a major bullish trend line that is forming with support near $194 on the hourly chart of the ETH/USD pair.
In the past few sessions, there were mostly bullish moves above the $190 mark in Ethereum against the US dollar. The price of the biggest altcoin is forming a strong support base above $195 now, and Ethereum is very close to breaching the $200 mark.
What is missing, according to many experts, is the momentum above $198 and $200 resistance area. Recently, we saw a fresh upward move from the $192 swing low, when the ETH price climbed above the $196 level but failed to continue above the $198 and $200 resistance areas. This is how a high was formed near $198 and the price has been currently consolidating.
Ethereum is trading below the 23.6% Fib retracement level of the recent move from the $192 swing low to the $198 high. On the downside, there is a strong support forming near $194 and $195.
More importantly, the Ethereum news today show a major bullish trend line forming with support near $194 on the hourly chart of the ETH/USD pair. The trend line is close to the 50% Fib retracement level of the recent move from a 2 low to a 8 high.
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On the upside, what is noticeable is the fact that the Ether buyers are facing crucial resistance near the $200 level. Ethereum is very close to this level and a successful daily close is needed for a sustained upward move. Will that happen today?
According to analysts, the technical indicators for the ETH price is now as following:
- Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is still above the 50 level.
- Major Support Level is at $194
- Major Resistance Level is at $200
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