Ethereum Is Positioned For an Upsurge: Critical Levels to Focus

News / 05.02.2020

The price of ETH against the USD is sustaining some major supports over $185. The price could continue to the upside over $190 and keep it up in the near term.

The price attained a fresh high for this year at $195 before a downside retracement. The retracement led to beneath $192 and $190 support. Nevertheless, the support zone at $185 became a powerful bullish area together with the 100 hourly SMA.

The price was able to form a swing low close to $184 and it is now rising. Currently, the price is close to the $190 barrier zone. A look at the hourly chart of ETH against the USD reveals the formation of a key declining channel with barrier close to $190.

A successful upsurge over $190 could bring about a sharp price increment. The immediate key barrier is close to $195 and a move over it could lead to remarkable rise in the sessions ahead.

A look at the downside reveals the major support close to $185. The occurrence of a downside break beneath $185 and $184 support poses a risk of a huge fall.

The immediate key support is close to $180 and then the $178 pivot level. The price needs to remain over supports at $180 and $178 to avoid an awful fall. If the price closes beneath $178 support, a bearish sentiment could ensue in the near term.

 

Source: Cryptopress.

avatar
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.