Support Level: $192
Resistance Level: $215
- Ethereum price turned bullish and reached up to $210 after BTC started to surge above $8000.
- ETH later started to correct downwards, however, the current support around $192 was strong enough to stop further losses.
- The bullish pattern which was being formed on the hourly chart yesterday with support at $192 is still on the same chart.
- ETH will most likely break above $210 resistance levels soon.
Ethereum Price Analysis:
SUMMARY: Ethereum price surge over $200 resistance level following bitcoin price momentum. ETH is currently trading with positive momentum and might soon break above $210.
From the last few days, Ethereum price has been quite bullish after breaking through the $192 resistance level which has now turned into decent support. ETH was able to break and settle above $200 and the 100 hourly SMA. Unsurprisingly, Ethereum price started to follow the momentum of bitcoin as it moved above $8000 resistance level. ETH also followed and recorded a monthly high at around $210 before correcting downwards.
The sellers pushed the price below $200 support level, however, the support around $192 was strong enough to stop the price from falling further. Currently, ETH is trying to gain momentum and moving upwards. The current resistance lies around $210-215, above which Ethereum price might test $220 and $230 levels.
The bullish pattern which was being formed yesterday on the hourly chart with support at $192 is still on the same chart. However, the major support for ETH currently lies at $185 and the 100 hourly SMA. Below this level, the overall momentum might turn bearish and Ethereum price might test $170 and $160 support levels.
The chart shows that Ethereum price is trying to gain momentum and slowly moving towards $215 and $220 resistance levels. A break above $215 will push the price towards $220 and even $230 resistance levels in the short term. ETH is currently supported at $192 and $185 on the downside below which the momentum might turn bearish.