Bulls raised the Ethereum price above two hundred dollars mark ($200) and a new cyclic high was formed near the two hundred and six dollars ($206) mark.
Last week, the cost of Ethereum (ETH) fought on multiple instances to bash the one hundred and seventy-two dollars ($172) opposition against USD.
Conversely, the current flight of bitcoin price above seven thousand dollars mark ($7,000) prompted an upside break. While the ETH/USD duo broke the one hundred and seventy-two and one hundred and seventy-eight dollars ($172 & $178) opposition marks to move to an encouraging zone.
The upward flight was robust as the cost surged above one hundred and ninety dollars mark ($190) and settled above 100 simple moving averages (4-hrs). Bulls lead the ETH price as high as over two hundred dollars ($200)
Afterwards, a sharp downside correction below the two hundred and one hundred and ninety dollars ($200 & $190) mark was observed.
The cost fell below 50% Fib retracement level of the last wave from the one hundred and sixty-nine dollar ($169) swing below two hundred and six dollars ($206) hike.
There was a prickle under the one hundred and eighty-eight dollars mark ($188), however, the one hundred and eighty-four dollar mark ($184) acted as a back.
ETH cost labeled the 61.8 percent Fib retracement level of the last wave from the hundred and sixty-nine dollars ($169) low to two hundred and six dollars high ($206) and recoiled recently.
Ethereum ETH price chart created with Trading View
On the other hand, there are multiple supports near $185, $180 and $178 levels. A major bullish trend line is also placed near the one hundred and seventy-eight dollars ($178) mark on the 4-hours chart of ETH/USD as well.
The duo already improving and it is exchanging above the hundred and eighty-eight and hundred and ninety dollars marks ($188 & $190). Early opposition is near the hundred and ninety-five dollars ($195) mark, beyond which the cost might break the two hundred dollars level ($200).
A close above two hundred marks ($200) can stimulate a larger up-move. The succeeding resistances for the bulls are near the two hundred and ten and two hundred and twenty dollars marks ($210 & $220).
ETH weekly cost examination chart pointed out that ETH is well held above a hundred and eighty and hundred and eighty-five dollar mark ($185 & $180).
A few swing moves are expected, however, the cost will climb above two hundred dollars ($200). Soon, the major object for the bulls might be two hundred and twenty dollars or even two hundred and twenty-five dollars ($220 or $225).
Currently, the 4 hours MACD and RSI indicator for the duo is gaining thrust and might rise further in future.
However, the major support and resistance levels lie at one hundred and eighty-five and two hundred dollars ($185 &$200) respectively.
