Monday, December 9, 2019

Ethereum (ETH) Could Break Higher After Long Consolidation

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  • Ethereum price seems to be consolidating for quite some time above $180 against the US Dollar.
  • The price could start a strong upward move above $190 as long as it is above $180.
  • There is a short term ascending channel forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin is still capped by the $8,880 and $8,960 resistance levels.

Ethereum price is trading in a broad range versus the US Dollar and bitcoin. ETH price remains well bid above the $178 support and it could soon make an upward move.

Ethereum Price Analysis

In the past few days, Ethereum consolidated in a broad range above the $180 support against the US Dollar. ETH bears made a few attempts to push the price below the $180 and $178 support levels, but they failed.

Similarly, there was no upside break above the $188 and $190 resistance. Recently, the price revisited the $182 support area and started a fresh increase. It broke the $185 resistance and the 100 hourly simple moving average.

Moreover, there was a spike above the $188 resistance. However, Ethereum failed to surpass the $190 resistance area and it is currently correcting recent gains. It is now trading below the 23.6% Fib retracement level of the upward move from the $182 low to $190 swing high.

At the moment, the price is approaching the $186 level and the 100 hourly simple moving average. Besides, there is a short term ascending channel forming with support near $186 on the hourly chart of ETH/USD.

More importantly, the 50% Fib retracement level of the upward move from the $182 low to $190 swing high is just below the channel support. Therefore, the price could find bids near $185 and continue higher.

On the upside, the $188 and $190 levels are important hurdles for the bulls. A successful close above the $190 level is needed for a bullish continuation.  The next key resistances are near $200 and $205.

Conversely, the price could break the channel support and decline below $185. In the mentioned case, the price is likely to revisit the range support area near the $182 level.

Ethereum Price

Looking at the chart, Ethereum price is stuck in a broad range above the $182 and $180 supports. If the bears continue to struggle near $182, the price is likely to start a strong upward move above $190 in the near term.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently declining and approaching the 50 level.

Major Support Level – $182

Major Resistance Level – $190

The post Ethereum (ETH) Could Break Higher After Long Consolidation appeared first on NewsBTC.

Analysis: Ethereum (ETH) Could Break Higher After Long Consolidation published by NewsBTC

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