The next key support is near the $188 level. It coincides with the 50% Fib retracement level of the recent rally from the $181 low to $196 high. If the price fails to stay above $188, it could test the $185 support area (the previous resistance area). Additionally, yesterday’s highlighted bullish trend line with current support near the $186 level is intact and it is likely to provide support.
On the upside, an immediate resistance is near the $195 level. A convincing break above the $195 level may perhaps push the price towards the next important resistance near $200, above which the price could even test $205.
Looking at the chart, Ethereum price is clearly trading in an uptrend above the $185 support area. In the short term, there could be a downside correction towards $190 or $185. Overall, the price remains well supported and it is likely to continue higher above the $195 resistance. The next stop for the bulls might be $200 or $205.