In the recent sessions, there were mostly bullish moves in ETH price above the $180 level against the USD. It formed a strong pivot above $180 and the 100 hourly simple moving average and climbed above the $185 resistance area.

Moreover, there was a break above a major contracting triangle with resistance close to $182 on the ETH/USD hourly chart. This price movement paved way for a break above the $190 resistance area.

Finally, the price traded to a new 2020 high at $195 and it is currently making a downside correction. It traded below the 23.6% Fib retracement level of the recent uptrend from the $179 low to $195 high.

On the downside, the two major supports are the $188 and $187 levels. Besides, the 50% Fib retracement level of the recent uptrend from the $179 low to $195 high is also close to the $187 level.

A clear break below the $187 support could cause the price to start an extended downside correction towards the $185 support. The next major support and buy zone is around the $182 level and the 100 hourly SMA. Any further losses may perhaps lead the price to revisit the $178 support area.

On the upside, the first major resistance for ETH is near the $195 level. A successful close above the $195 resistance might pave way for a break above the $200 barrier. In such scenario, there are high chances of a sustained uptrend towards the $220 level in the coming sessions. An intermediate resistance is seen close to the $212 level.

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 correcting lower towards the 50 level, with a few bearish signs. Major support level is at $185, whereas major resistance level is also at $195.

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