This past week, Ethereum price struggled on many occasions to clear the $172 resistance against the US Dollar. However, the recent sharp rise in bitcoin price above the $7,000 level triggered an upside break. The ETH/USD pair broke the $172 and $178 resistance levels to move into a positive zone. The upward move was strong since the price even surged above the $190 level and settled well above the 100 simple moving average (4-hours). The bulls pushed the price above the $200 level and a new monthly high was formed near the $206 level.
Later, there was a sharp downside correction below the $200 and $190 levels. The price traded below the 50% Fib retracement level of the last wave from the $169 swing low to $206 high. There was a spike below the $188 level, but the $184 level acted as a support. ETH price tagged the 61.8% Fib retracement level of the last wave from the $169 swing low to $206 high, and recently bounced back. On the downside, there are many supports near $185, $180 and $178. There is also a major bullish trend line in place with support near $178 on the 4-hours chart of ETH/USD.
The pair is already recovering and it is trading above the $188 and $190 levels. An initial resistance is near the $195 level, above which the price could break the $200 level. A daily close above the $200 level might start a larger upward move. The next key resistances for the bulls are near $210 and $220.