Ethereum Price Trend Reflects Optimism; Stability Above $190 Likely to Trigger Further Rally
- Ethereum struck a strong rebound today; recently crossed barrier above $190
- ETH tested the support level near $188 after correcting down
- Yesterday’s price jump of more than 3% played an important role in the current bullish impact
- The technical picture appears bullish as the coin heads upwards
Ethereum is on a mild yet steady bullish spree since 4th November and yesterday’s price surge has come across as a masterstroke as it uplifted the coin above $190, finally. However, it was followed by a pullback on the same day. Today, the coin has again started an uptrend against U.S.Dollar.
Ethereum Price Prediction
Yesterday morning price moves of ETH coin were slightly bullish as it traced a dip near $183 after it opened above $185. The coin found decent support there to surge as high as $190.25 with an increase of 3.91%. Here, it traced a higher high pattern hinting the bullish momentum.
ETH price has corrected down a bit from there as it hit the closing price at $188.81. Seeing support there, the coin has begun to recover and is likely to trade above $192 soon. At 04:52:46 UTC, Ethereum is trading at $191.12.
Three of the technical indicators are giving positive signs while hinting towards an upcoming bullish trend. The short term SMA line (50-days) is above the long term SMA line (200-days) with a substantial distance in between. RSI indicator is heading towards the over-bought phase while the ETH coin is trading with a ‘buy’ sentiment amongst investors.
Ethereum has formed a strong support level near $185 over the last couple of days, while it was facing rejection above $190 till now. Now, as per our Ethereum price prediction, when it has cleared resistance above $190 recently, it may see hurdles at $191.6 and $195.18. The coin can find support at $182.78, $179.2 and $176.58 if the coin witnesses a decline, which it is less likely to.
