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Ethereum Just Broke $190 and Its Primed To Test $205: Here’s Why

Ethereum is gaining bullish momentum above $190 against the US Dollar. It seems like ETH price is preparing for more gains towards the $200 and $205 resistance levels in the near term.

  • Ethereum is showing positive signs above the $188 and $190 levels.
  • The price could face a strong selling interest near the $200 and $205 levels.
  • There was a break above a key declining channel with resistance near $188 on the hourly chart of ETH/USD (data feed via Kraken).
  • A clear break above the 100 hourly SMA and $195 might open the doors for more gains.

Ethereum Price is Gaining Traction

Ethereum price seems to be forming a decent support base above the $175 and $180 levels against the US Dollar. ETH price is currently rising (similar to bitcoin) and it recently surpassed the $185 and $188 resistance levels.

There was a clear break above the 23.6% Fib retracement level of the last major downward move from the $214 high to $176 low. More importantly, there was a break above a key declining channel with resistance near $188 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

The pair is now approaching the $192 resistance and the 100 hourly SMA. An immediate hurdle above the 100 hourly SMA is near the 50% Fib retracement level of the last major downward move from the $214 high to $176 low at $195.

If Ethereum clears the $195 resistance, it is likely to continue higher towards the $200 handle. Any further gains could lead the price towards the $205 resistance level. There is also a connecting bearish trend line forming with resistance near $207 on the same chart.

Once Ether settles above the $200 and $205 resistance levels, there are chances of a strong and sustained upward move towards the $220 resistance zone.

Bearish Rejection

If Ethereum fails to gain momentum above the $195 resistance or the $200 barrier, it could face a fresh round of selling. An initial support is near the $188 level.

The first major support is near the $180 level, below which the price could revisit the main $176 and $175 support levels. Any further losses may lead the price towards the $165 level in the coming days.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is correcting lower towards the 50 level.

Major Support Level – $180

Major Resistance Level – $195

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Ethereum Just Broke $190 and Its Primed To Test $205: Here’s Why was last modified: May 13th, 2020 by Aayush Jindal

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