Ethereum price is surging above $190 and will likely continue moving higher to retest the $200 resistance level.
Ethereum Price Technical Analysis
In retrospect, the price of Ethereum (ETH) was in a range-bound movement below the 12 and 26-day Exponential Moving Averages (EMAs). In our previous Ethereum price analysis, we pointed out that a key breakout pattern was forming with support near $180. The altcoin did gain traction. On September 13, the bulls broke above the $190 resistant level and traded to a new weekly high at $194.
On the upside, if the $194 support level holds, the crypto’s price will rise to retest or break the $200 resistance level. On the downside, if the bulls fail to break above the resistance level, there will be a downside correction near the $190 or $188 support levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is in a bullish trend above the $190 level. The 12 and 26 EMAs are yet to converge but given the recent strong bullish bias, it seems they will shortly. On July 14, the bears broke the EMAs and reached a low of $200.
On the upside, if the bullish trend continues, the crypto’s price will rise towards the $200 and $205 resistance levels. The MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $195, $200, $205
- Support Levels: $190, $188, $180
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.