Ethereum price is holding a couple of key supports above $185 against the US Dollar. ETH is likely to surge above $190 and continue higher in the near term.

Ethereum is trading nicely above the $185 support area against the US Dollar.

The price is likely to climb above the $190 barrier to start a fresh increase.

There is a major declining channel forming with resistance near $190 on the hourly chart of ETH/USD (data feed via Kraken).

Bitcoin price is now trading near the key $9,200 support area.

Ethereum Price Could Rally Again

After trading to a new 2020 high at $195, Ethereum started a downside correction against the US Dollar. ETH price traded below the $192 and $190 support levels.

However, the $185 support area acted as a strong buy zone along with the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the recent wave from the $178 low to $195 high acted as a support.

A swing low is formed near $184 and the price is currently rising. It broke the 23.6% Fib retracement level of the recent decline from the $195 high to $184 low. At the moment, Ethereum is trading near the $190 resistance area.

More importantly, there is a major declining channel forming with resistance near $190 on the hourly chart of ETH/USD. Besides, the 50% Fib retracement level of the recent decline from the $195 high to $184 low is near the $190 level.

If there is an upside break above the $190 level, the price is likely to rise sharply. The next major hurdle is near the $195 level, above which there are chances of a strong rise in the coming sessions.

Key Support for ETH

On the downside, the main support is near the $185 level. If there is a downside break below the $185 and $184 support levels, there is a risk of a larger decline.

The next major support is near the $180 level, followed by the $178 pivot level. Ethereum must stay above the $180 and $178 support levels to avoid a nasty decline. A successful close below the $178 support level might turn the market sentiment to bearish in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 50 level, with a minor bearish angle.

Major Support Level – $185

Major Resistance Level – $190