Ethereum Price Analysis: ETH/USD Pairs reaches $189.27

Ethereum shot higher in the past 24 hours. The North American Market places the cryptocurrency above $189. Ethereum Price rallied after a buying demand emerged at around $184.97 earlier today in the market.

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Meanwhile in the Asian market the ETH/USD pair traded just around 183.30 below the 183.83 zone which represents the 23.6% retracement of the rice increase from $148.08 to $194.86. On the other hand this same level was below. The 38.2% retracement of the price increase from $166.4 to $194.86. 

Experts Sentiments

Experts say the market remained above the $184.72 zone during a decline today, a level that represents 61.8 % retracement of Price rally from $178.46 to $194.86. Experts further insists that the $184.01 level is a vital price zone. 

Meanwhile the other rice levels of relevance lie around $198.9 and $199.16. For Ethereum to continue rallying further above it’s current price levels additional significant points of resistance to be overcome include, $196.54 and $206.29 price levels.

On the other hand the support levels from the downside lies around $176.99, $171.46 annd $165.95. On the charts, the 4 hours 50-bar MA is bullishly above the 4 hour 100-bar MA and the 200- Bar MA. Likewise, the hourly 50-bar MA bullishly moved above the 200-bar MA. Currently price is close to the 4 hours 50 bar MA at $178.84 and the hourly 50-bar MA at $186.15.  Major support levels in this zone lies around $164.56, $158.26 and $150.27 with possibilities of stops above. The major resistance levels however lingers around $196.54, 206.29 and $213.05 with possibilities of stops above.

With the overall improved performance within the cryptocurrency market, Erthereum is expected to fast rally towards $300 and beyond. Bitcoin is also performing just well trading at around $7530 currently in most major markets.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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