Ethereum (ETH) Price Analysis: Bulls Marching Strongly to Favor New Rising Rally

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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.

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ETH
Source: Tradingview.com

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.

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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

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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