The ETH price recently traded above the $190 level against the USD to record a new yearly high at $195. Moreover, the price settled nicely above the 100 hourly simple moving average (SMA).

It is currently making a downward correction from the $195 yearly high. There was a break below the 23.6% Fib retracement level of the recent uptrend from the $178 low to $195 high.

ETH dropped below the $190 level, but it found support around the $185-$186 region. The 50% Fib retracement level of the recent uptrend from the $178 low to $195 high acted as a nice support.

Notably, there is this formation of a bullish flag pattern, with resistance near $192, on the ETH/USD hourly chart. If ETH bulls break the 192 resistance level, there could be a fresh rally above the $194 and $195 levels. In the above scenario, ETH is likely to break the major $200 resistance area. The next major target for the bulls in the near term could be close to the $220 level.

On the downside, an initial major support is near the $185 level. Additionally, the 100 hourly SMA is also near the $185 level to provide support, alongside the 61.8% Fib retracement level of the recent uptrend from the $178 low to $195 high.

A drop below the $185 support, could pave way for a massive decline in the near term. In the above scenario, the $178 support level could be tested again. Any further losses could possibly cause the price to revisit the $172 region again.

Technical indicators also suggest that the hourly MACD for ETH/USD is slowly moving in the bearish zone. Its hourly RSI (Relative Strength Index) is currently just below the 50 level, with a minor bearish angle. Major support level is at $185, whereas major resistance level is also at $192.

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