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 Trend Reflects Optimism; Stability Above $190 Likely to Trigger Further Rally

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. 

Ethereum Price
ETH Chart By TradingView

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.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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