Key Highlights

There were continuous gains in ETH price, as it moved above the $178 resistance against the US Dollar.

There is a steep bullish trend line with support at $181 formed on the hourly chart (ETH/USD, data feed via SimpleFX).

On the upside, the pair may soon break the $191 resistance for more gains in the near term.

Ethereum price is rising in a proper technical structure against the US Dollar and Bitcoin, and now ETH/USD may soon break the $191 resistance to test $200.

Ethereum Price Support

Yesterday, we noticed how ETH price started a recovery above the $130 level against the US Dollar. The upside move was decent, as the price later moved above the $150 resistance as well. During the upside move, the price even surpassed the 61.8% Fib retracement level of the last decline from the $203.45 high to $98.35 low. It now looks set for further gains above $185 since it is holding the 100 hourly simple moving average well.

There is a steep bullish trend line on the downside with support at $181 formed on the hourly chart of ETH/USD. The trend line support also coincides with the 23.6% Fib retracement level of the last wave from the $137.87 low to $190.17 high. So, if the price moves down, it may find support at $181-180. A break below might call for a deeper correction towards the 50% Fib retracement level of the last wave from the $137.87 low to $190.17 high.

On the upside, a break above the $191 horizontal resistance is required for further gains. If there is a rise above above $191, the next major hurdle is at $200 where buyers may be tested.

Hourly MACD – The MACD is placed well in the bullish zone, and showing positive signs.

Hourly RSI – The RSI is currently in the overbought levels with no sign of a dip.

Major Support Level – $181.00

Major Resistance Level – $191.00

Charts courtesy – SimpleFX