Ethereum price forecasts show that the over the past week, ETH started a strong rise above the $175 resistance against the US dollar as we saw in the ethereum news before. Moreover, the pair managed to break above the key resistance at $18 resistance area and settled above the 100 simple moving average.
This action opened the doors for more gains above the $190 resistance. The price traded close to the $200 level and a new monthly high is forming near the $198 level. There was even a sharp decline in Etheruem and the price traded below the $185 support area and there was even a break below the 50 percent Fib retracement level of the last major wave from the $167 low to $198 high and there was even a break below the major bullish trend line with a support near $188 on the 4-hour chart of ETH/USD.
Currently, the Ethereum price forecasts show that ETH is consolidating near the $180 support area and the 100 SMA and the 61.8% Fib retracement level of the last huge wave from the $168 low to the $198 high is also protecting further losses. If there is another downside break below the $180 support there are a lot of chances of an extended decline towards the $175 area in the near term. On the upside, the immediate resistance is near the $185 area and if there is another successful break above the $185 resistance, there is some chance of a fresh increase. The next resistance is near the $190 level above which the price could continue to increase towards the main $200 resistance area. The charts in the latest altcoin news indicate that the Ethereum price is having a hard time to remain in an uptrend above the $180 support area and in the short term, there could be a huge downside spike towards the $175 support area. As long as the price is above the $175 support, the price could bounce back.
In the near-term, Ethereum has found support around the current price although the key long-term support level remains around $160 while looking at the monthly charts since it is where it has found a lot of buying pressure that has been proceeded by the uptrends. The popular crypto analyst on Twitter Mayne explained that he looks at a $175 price range for Etheruem in the near-term and $8,150 for Bitcoin.
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