Ethereum (ETH) Bulls Eyeing Further Upsides, Bitcoin Facing Hurdles
- Ethereum price is trading nicely above the $185 and $186 support levels against the US Dollar.
- Bitcoin is holding the $9,200 support, but it is facing hurdles near the $9,400 level.
- Yesterday’s highlighted key bullish trend line is active with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing positive signs and it is likely to accelerate higher towards the $195 and $200 levels.
Ethereum price is gaining pace above $186 versus the US Dollar, while bitcoin is facing hurdles. ETH price is likely to accelerate gains once it clears the $200 barrier.
Ethereum Price Analysis
After yesterday’s upward move, Ethereum corrected a few points below the $186 support against the US Dollar. ETH price corrected below the $185 level, but the 100 hourly simple moving average acted as a strong support.
A swing low was formed near $183 and the price recently started a fresh increase. The price gained pace and broke the $185 and $186 resistance levels. Moreover, there was a break above the $190 resistance.
A new weekly high was formed near $192 and Ethereum price again corrected below $190. Besides, there was a break below the 23.6% Fib retracement level of the recent move from the $183 swing low to $192 swing high.
However, the previous resistance near $188 is acting as a support. Additionally, the 50% Fib retracement level of the recent move from the $183 swing low to $192 swing high is also near the $188 level. Lastly, yesterday’s highlighted key bullish trend line is active with support near $186 on the hourly chart of ETH/USD.
At the moment, the price is climbing higher towards the $190 and $192 resistance levels. If there is a successful break above the $192 level, Ethereum is likely to accelerate towards the $195 and $200 resistance levels.
Conversely, if there is another dip, the price could find support near the $188 level. The main support is near the $186 and $185 levels, below which there is a risk of an extended decline towards the $180 support area.
Looking at the chart, Ethereum price is clearly trading nicely above the $188 and $186 support levels. Therefore, as long as the price is above $186, there are high chances of upside continuation. The main resistances on the upsides are near $200, above which the price is likely to accelerate towards $220.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 55 level, with a bullish angle.
Major Support Level – $185
Major Resistance Level – $192
Published at Wed, 06 Nov 2019 03:08:04 +0000