Ethereum price analysis reveals that the queen of cryptocurrency Ethereum (ETH) is now not only stabilizing but also headed toward the one hundred and ninety-five dollars ($195) mark.
Ethereum (ETH) is bound to Bitcoin (BTC)
More than for any other cryptocurrency, this statement fists the criteria for Ethereum price on all possible levels.
With the Bitcoin running in the four-digit territory, below ten thousand dollars ($10,000), Ethereum tagged along and the price got a cut, stationing it below the one hundred and eighty dollars ($180) support mark. Below that, the price kept declining to one hundred and seventy-five dollars ($175).
The balance tipped on the scale and ETH price went down a little more, crossing the one hundred (100) simple moving average (SMA) on the four-hour chart.
The bears went all in and the price declined even further. A break below the one hundred and seventy dollars ($170) support mark led to Ethereum being traded around one hundred and sixty-three dollars. Flipside movement started recently, that kept Ethereum rising.
Ethereum price rose above one hundred and seventy dollars ($170) once again and the twenty-three percent (23.6%) Fibonacci retracement level of one hundred and ninety-five dollars (low) to one hundred and sixty-three dollars ($163) high did not put a halt to its progress.
When will Ethereum price hit $195?
ETH price has many trials before reaching the one hundred and ninety-five dollars ($195) mark.
Potential resistances include one hundred and seventy-eight ($178) and one hundred and eighty dollars above that ($180), which also has a major bearish trend line forming near it.
We also have the fifty percent (50%) Fibonacci retracement level between $195 low to $163 high, above one hundred and eighty dollars ($180) playing as a strong resistance mark.
The sixty-one percent (61.8%) Fibonacci retracement level from %195 on the topside to $163 on the lower end, is stationed at one hundred and eighty-two dollars ($182) to act as a resistance as well. Moving up at one hundred and eighty-four dollars ($184), the one hundred (100) moving SMA will try to stop the coin.
Looking below, we have one hundred and sixty-five dollars ($165).
A break from this level will move the cryptocurrency to the one hundred and sixty dollars ($160) support mark. Maybe the altcoin will not have to go this low because the moving average convergence/divergence (MACD) and the relative strength index (RSI) seem to be crossing over to the green zone.