Ethereum (ETH) Eyes Fresh Rally To $200, Bitcoin Up 3%

Ethereum price is rising and it broke the key $185 and $186 resistance levels against the US Dollar.
Bitcoin is up around 3% and it managed to climb above the $9,400 resistance.
There is a new bullish trend line forming with support near $185 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains supported on dips and it could continue to rise towards the $200 level in the near term.

Ethereum price is slowly climbing higher versus the US Dollar, similar to bitcoin. ETH price is likely to rise towards the $200 level as long as above $182.

Ethereum Price Analysis

After forming a support base near $180, Ethereum started a steady rise above $182 against the US Dollar. ETH price recovered and broke a strong resistance near the $185 and $186 levels.

Moreover, there was a close above the $185 level and the 100 hourly simple moving average. During the rise, there was a break above yesterday’s highlighted bearish trend line with resistance near $182.

Finally, the price tested the $190 resistance area and it is currently correcting lower. There was a break below the $188 level, plus the 23.6% Fib retracement level of the recent wave from the $179 swing low to $189 swing high.

However, the previous resistance near the $185 area is now acting as a decent support. More importantly, there is a new bullish trend line forming with support near $185 on the hourly chart of ETH/USD.

The 50% Fib retracement level of the recent wave from the $179 swing low to $189 swing high is also near the trend line to provide support. The main support is near the $182 level since it coincides with the 100 hourly SMA.

If Ethereum breaks the trend line and trades below $182, it could move back into a bearish zone. On the upside, an immediate resistance is near the $190 level. If there is a proper break above $190, the price could start an increase towards the main $200 resistance area.

Looking at the chart, Ethereum price is showing a few positive signs above the $185 support area. Having said that, the path towards the $200 barrier won’t be easy. If the bulls struggle to clear the $190 and $192 resistance levels, there could be a bearish reaction below the $185 support. In the mentioned case, the $182 support holds the key.