The price of the biggest altcoin is featured in our coming altcoin news section today. As reports show, the Ethereum price is bound to continue surging. In the past few sessions, the ETH price remained well bid above the $170 support line against the US dollar.
Still, it was the Bitcoin price which moved the Ethereum price – but later on BTC remained in a stable range in the $10,200 support area. Right now, the Ethereum price is bound to break and is showing positive signs as we speak, trading nicely above the key $175 area.
With ETH holding firm to the $180 and the 100 hourly simple moving average, there are many new swing highs. The last one was formed at $186 and is recently corrected lower. Also, there was a break below the $182 support and the 50% Fib retracement level of the last wave from the $176 low to $186 high.
On top of this, the latest cryptocurrency news today show there is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD. The trend line and $178 support could act as a strong buy zone. However, if there is a downside break below this level, the price of Ethereum is bound to break and could continue to move down towards the $175 level. If this happens, the next support will be set at the $175 level, accordingly.
On the upside, the altcoin news show that there are many hurdles near the $184 and $185 price levels. The Ethereum price is bound to move higher if there is an upside break above the $185 resistance. The acceleration in this case could eventually reach the $192 and $195 levels. When looking at the chart, it is easy to see that the ETH price is trading with a positive momentum and it seems like the price could accelerate towards the $200 level in the coming sessions.
The technical indicators are as following:
- Hourly RSI – The RSI for ETH/USD is also rising to the 60 and 65 levels, accordingly.
- Major Support Level currently is at $175
- Major Resistance Level currently is at $185
While the Ethereum price is bound to move soon, we can see that the total cryptocurrency market cap as we speak is $263 billion, $1 billion down from yesterday’s levels.
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