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Ethereum Broke $190 And Is Now Aiming $205: Price Analysis

05/13/2020
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Ethereum broke the $190 resistance level and is now aiming to test the $205 resistance level, gaining bullish momentum against the US dollar. In the latest Ethereum news today, we take a closer look at the price analysis.

It seems that the ETH price is getting ready for more gains to the $200 level and the $205 resistance level in the near term. Ethereum is showing positive signs above the $188 and the $190 levels so the price could face a stronger selling interest close to the $200 and $205 levels since ethereum broke the $190 level.  A clear break above the 100 hourly SMA could open the doors for even more gains.

Ethereum’s price seems to be forming a strong support base around the $175 level and the $180 level against the US dollar. The ETH price is rising and it has surpassed the $185 level along with the $188 level. There was another clear break above the 23% fib retracement level from the major downward move of the $214 high to the $176 low. there was a break above the key declining channel with a resistance forming close to the $188 hourly chart.

ethereum price chart

Ethereum Price Chart

The pair is now getting closer to the $192 resistance an immediate hurdle above the 100 hourly SMA will get closer to the 50% Fib retracement level of the major downward move from the $214 high to the $195 low. if Ethereum manages to surpass the $195 resistance level, it will continue to $200. Any more gains could lead the price to $205 since there is a bearish trend line that is forming close to the resistance at the $207 level.  Once ETH settles above the $200 level, there is a strong chance of an upward move towards the $220 resistance zone.

If ethereum fails to gain momentum to the $195 resistance, it could face another selling round with initial support close to the $188 level. The first major support is close to the $180 level below which the price could revisit the main $176 level. Further losses could lead the price to the $165 level in the upcoming days. The hourly MACD for the ETH/USD pair is now gaining pace within the bullish zone. Ethereum has been consolidating over the past few days and it seems like the price of the asset is stabilizing.

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