Ethereum (ETH): price hike by signaling, buying favored dips

• ETH prices rose well after building a support base of more than US $ 165 against the US dollar.
• The price exceeded key resistance levels of $ 175 and $ 180 to reach a new annual high of nearly $ 188.
• There was a break above a major downtrend line with resistance at $ 172 on the ETH / USD time chart (data feed via Kraken).
• The pair has tested a crucial technical level and could fix lower in the near term around $ 180.

The price of Ethereum climbed to a new annual high, with movements balanced against the US dollar and bitcoin. ETH is expected to continue to grow, and purchase cuts near $ 180 and $ 174 could be a good idea.

Ethereum Price Analysis

After a significant downward correction, the price of Ethereum found support close to the $ 154 zone against the US dollar. The ETH / USD pair rebounded and slowly surpassed the resistance levels of $ 164 and $ 165. Later, there was a fence above the $ 168 level and the single 100-hour moving average. Buyers took control and pushed the price above the Fib retracement level by 61.8% from the last drop, from the low of $ 180 to $ 154. He opened the door to more earnings above the $ 175 and $ 180 resistance levels.

In addition, a break in trend over a major downtrend line occurred with a resistance of $ 172 on the ETH / USD time chart. The pair broke the last record with nearly $ 180 and reached a new annual high close to $ 188. Most importantly, he tested the 1,236 Fib extension level from the last drop, from the lowest at $ 180 to $ 154. At first, the price seems to consolidate gains close to $ 185. This could correct some points in favor of $ 180 support in the short term (the previous resistance).

If there is a negative extension, the price can even be corrected to the support area at $ 175 or $ 174. The price remains well supported on the troughs and it seems that a $ 180 or $ 175 medium is likely to constitute a solid buying area. On the upside, the price could climb above the resistance levels of $ 188 and $ 190. The next step for Ethereum could be $ 200, where sellers are likely to emerge.

Looking at the chart, the price of Ethereum has clearly surpassed the resistance levels of $ 175 and $ 180. The two levels indicated are likely to serve as supports if the price corrects from $ 188. Overall, the price is trading with a positive bias, with chances of earnings over $ 190.

ETH Technical Indicators

Hourly MACD – The MACD for ETH / USD is gaining strength in the bullish zone.

RSI hourly – The RSI for ETH / USD crossed a bearish trend line and climbed well above the 75 level.

Major Support Level – $ 180

Major resistance level – $ 190