Ethereum Has a High Possibility to Incline

News / 05.02.2020

The ETH/USD price is sustaining some significant support over $185, and the price may continue to uptrend to over $190, and keep it up in the near term. This year, the price attained a fresh high of $195 before a downside retracement. This retracement resulted in below $192 and $190 support. 

However, the support zone at $185 became a rugged bullish area together with the 100 hourly SMA. The price eventually formed a swing low close to $184, and currently, it is rising close to $190 barrier zone.

A Look at the ETH/USD Hourly Chart

The ETH/USD hourly chart shows the formation of a critical declining barrier with a barrier close to $190. A successful surge of over $190 could lead to a sharp price increment. The immediate fundamental limitation is close to $195, and a move over it could result in a remarkable rise in the sessions ahead.

Observing the downside reveals the significant support close to $185, and the appearance of a downside break below $185 and $184 support may result in a considerable fall. The immediate critical support is close to $180 and then the $178 pivot level. The price should remain over supports at $180 and $178 to avoid a significant drop. If the price closes beneath $178 support, a bearish sentiment could ensue in the short-term.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.