Support Level: $185, $170, $165
Resistance Level: $200, $220
- Ethereum price broke above the $180 resistance level.
- ETH was also able to break above $200 resistance zone however, later started correcting downwards.
- A bullish pattern is being formed with support around $178-180 on the hourly chart.
- There are chances that ETH might test the $180 resistance level again before starting a fresh bull run.
Ethereum Price Analysis:
SUMMARY: Ethereum price started to move upwards after waiting for quite sometime after bitcoin started to surge. ETH is currently struggling to break above $200 resistance level.
Ethereum price was struck near the $170-172 resistance level in the last week even though the price of bitcoin started a massive surge. However, as BTC passed over the $7000 level, Ethereum price also started a bull run and broke above $172 and $180 resistance levels to move into a bullish zone. ETH was also able to break and settle above the 100 hourly SMA and $190. The buyers were able to push the price above $200 resistance level too and ETH recorded a new monthly high around $205.
However, ETH started to correct downwards later on and moved below $200 and $190 zone. Good support was formed around $184-185 level which stopped further losses. Currently, Ethereum price is well supported around $185, $170 and $165 levels. A bullish pattern is also being formed on the hourly with support at around $178-180.
Currently, Ethereum is trying to gain momentum above $190 with a minor resistance around $195. However, the major resistance is around $200 which if broken, ETH might test the $220 resistance level. However, there are chances that ETH might correct downwards towards the $180 or $170 level before starting a fresh bull run.
The chart shows that Ethereum price is currently trading in a range above $185 support level. ETH might correct downwards below this support, however, the overall momentum seems bullish and it might break through the $200 resistance level soon above which it might test $220 level.