In recent weeks, the state of the crypto space has returned to bullish position. Bitcoin and Ethereum are among a host of digital assets that have managed to surge during this period. While there have been no specific fundamental factors responsible for this reason rise in the price of Ethereum and others, it is widely believed that some bit of news, particularly reports that Fidelity will launch its institutional platform can be attributed to the recent surge. Reports that Ethereum is starting its Proof of Stake integration, may also be a reason why the price of Ethereum was boosted.
According to one notable commentator, a key development that affected the price of Ethereum is the network’s transition to PoS (Serenity). It should be recalled that the solution was predicted not to occur as soon as expected.
Now the price of Ethereum has finally gained bullish momentum against the USD. It appears Ethereum’s price is eyeing a larger upward movement above $200 which is a resistance level to $220. The digital asset recently broke $190.
Ethereum Price Prediction: The Price of Ethereum Surged Past $190 in ETH Weekly Analysis
In the past week, the price of Ethereum struggled to clear $172 on many occasions. However, the recent sharp surge in BTC price triggered an upward break. ETH/USD broke $172 and $178 to move into a positive region. The upside move was strong because prices surged above $190 and settled above the 100 SMA. The bulls pushed prices above $200 before a new monthly high formed at $206.
Ethereum Price Prediction: The Price of Ethereum Saw a Short-Lived Downside Correction Below $200 and $190
Later, a sharp downside correction was initiated below $200 and $190. The price of Ethereum traded under the 50% Fibonacci retracement position via the last wave from $169 to $206. There was an increase below $188 level, but $184 acted as a support area. The price of Ethereum tagged the 61.8% Fibonacci retracement level via the last wave from $169 to $206 and bounced back recently. Looking at the downside, there are support positions at $185, $180 and $178. There is a major bullish pattern with support at $178 via the 4-hour chart of the pair.
Ethereum Price Prediction: The Price of Ethereum Now Trading Above $190, Approaching $200 After Recovering
The ETH/USD pair is in a recovery phase already. ETH is now trading above $188 and $190 presently sitting at $196. An initial resistance is close to $195, above this position, the price could break $200. A daily close above $200 might launch a larger upward price action. The next key resistance positions for the bulls are $210 and $220.
Ethereum Price Prediction: The Price of Ethereum At $196.8 As of Press Time
The weekly chat highlighting the price of Ethereum indicates that Ethereum has strong support above $185 and $180. We may see a few swing moves, although the Ethereum price will likely climb above the $200 in the near-term. The primary target for the bulls is between $220 and $225. As of the time this content has published, the price of Ethereum was at $196.8. The digital asset had a market cap of $20,869,665,786.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.
