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- Ethereum price is currently holding against the significant support level of $185 and is likely to continue above $190.
- The second-largest cryptocurrency in the world can be a major factor for a rising Altcoin rally in the cryptocurrency market.
Ethereum price is currently holding against the significant support level of $185 and is likely to continue above $190.The price climbed above the $190 barrier, which indicates a fresh beginning.
It is expected to go above the new resistance mark of $200 and build a new bullish rally. Ethereum can be a major contender for a rising Altcoin rally in the crypto market.
The currency traded to a new high this year at $195. But soon after, it started a downside correction against the US dollar. During January, ETH price traded below the support levels of $192 and $190, respectively.
Ethereum Support and Resistance Level
However, in this month, $185 mark acted as a significant support level for ETH. Today, the price is moving between $190 and $195 mark. If Ethereum continues to moves above the $190 mark, it is expected to see some sharp rise movement shortly. But the main hurdle is the $200 mark, which is considering to be a major resistance point.
Looking at the downside, ETH must not break the support level of $185 to avoid the risk of a more massive decline. A close below the $178 might turn into a bearish movement in the near future.
By the application of technical indicators, The RSI for ETH/USD is currently above 50 levels. The CCI remains in the overbought zone and indicates that traders can witness a bullish rally in the near future.
Major Resistance level- $200
Major Support Level- $190
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
