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Ethereum Price Analysis: ETH/USD Pairs reaches $189.27

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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.

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. 

Experts Sentiments

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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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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