Therefore, an upside break above the $190 resistance is likely to open the doors for more gains in the coming sessions. The next major resistance is near the $198 and $200 levels. An intermediate resistance is $194 or the 76.4% Fib retracement level of the downward move from the $199 high to $175 swing low.
On the downside, there are many supports near the $180 level. Besides, there is a rising channel forming with support near $183 on the hourly chart of ETH/USD. If there is a downside break, the price could test the 100 hourly SMA or the $175 support.
Looking at the chart, Ethereum price is clearly climbing higher steadily above $185. Having said that, the price must break the $190 resistance level to continue higher. If not, there are chances of another downside correction towards the $175 support area in the near term.