Ethereum (ETH) Recovering Nicely While Bitcoin Runs Into Resistance

Ethereum price is up more than 3% and recovering above $188 against the US Dollar. There was a decent upside correction from the $180 support area. There is a key bullish trend line forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin is gaining momentum, but it is now trading near a crucial resistance at $9,100 (as discussed in the weekly forecast).

Ethereum price is recovering nicely above $188 versus the US Dollar, similar to bitcoin. ETH price might recover further towards $195 in the near term.

Ethereum Price Analysis

After a steady decline, Ethereum found support near the $180 level against the US Dollar. A decent support base was formed and ETH price started an upside correction above $182 (as discussed in the weekly forecast).

Moreover, there was a break above the key $186 and $188 resistance levels. The price even settled above the $186 pivot level and the 100 hourly simple moving average. It opened the doors for more gains above the $190 level.

A high was formed near $192 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent wave from the