Ethereum price is climbing higher and it recently broke the $194.80 resistance area vs the US Dollar. ETH to USD is showing positive signs and it could rise further towards the $220.00 level.
Key Takeaways: ETH/USD
- Ethereum price is surging and it cleared the $191.90 and $194.80 resistance levels against the US Dollar.
- ETH/USD broke a key contracting triangle with resistance near $188.50 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is also rising and it cleared the $9,400 resistance area.
Ethereum Price Analysis
Recently, there was a downside correction in Ethereum price below the $188.00 level. However, ETH to USD found support near the $182.00 level and traded as low as $181.97.
Looking at the 2-hours chart, Ethereum price started a fresh increase from the $181.97 low and climbed above the 50 simple moving average (2-hours, purple). The bulls gained pace and pushed the price above the $188.00 and $191.90 resistance levels.
During the rise, the price broke a key contracting triangle with resistance near $188.50 on the 2-hours chart. It opened the doors for more gains above the 76.4% Fib retracement level of the downside correction from the $194.99 high to $181.97 low.
Ethereum climbed above the $194.80 resistance and the $194.99 swing high. Finally, it tagged the 1.236 Fib extension level of the downside correction from the $194.99 high to $181.97 low.
It seems like the price remained just shy of the $200.00 barrier. It is currently showing a lot of positive signs above the $194.00 and $195.00 levels.
If there is an upside break above the $198.00 and $200.00 levels, the price could continue to rise in the coming sessions. The next major resistance for the bulls is near the $220.00 level.
Conversely, Ethereum might correct a few points from $198.00 or $200.00 in the near term. In the mentioned case, the price is likely to find support near the $194.00 area. The next major support is near the $188.50 level since the 50 simple moving average (2-hours, purple) is positioned near the stated level.
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