Ethereum gained bullish momentum above the $170 resistance against the US Dollar, and bitcoin jumped above $9K. ETH price is likely to continue higher towards the $195-$200 resistance area.
ETH price is showing a lot of positive signs above the $165 and $170 levels against the US Dollar.
The price traded to a new 2020 high close to $180 and it is currently consolidating gains.
There is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD (data feed via Kraken).
Bitcoin is up around 3% and it broke the main $9,000 resistance area.
Ethereum Price Could Test $195-$200
This past week, there were mostly positive moves in Ethereum above $160 against the US Dollar. ETH gained bullish momentum and broke many hurdles near $165 and $170.
Moreover, there was a close above $170 and the 100 simple moving average (4-hours). Finally, the price traded to a new yearly high at $179 and it is currently consolidating gains.
It traded below the 23.6% Fib retracement level of the recent wave from the $165 low to $179 high. The first major support on the downside is near the $172 level. Besides, there is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD. Read More...