An immediate resistance is near the $186 and $188 levels. More importantly, the 61.8% Fib retracement level of the downside correction from the $199 high to $174 low is near the $190 level to stop the upward move.
Therefore, Ethereum must surpass the $188 and $190 resistance levels to continue higher in the near term. The next major resistance is near the $195 level, above which the price could revisit the $200 handle.
On the downside, there is a strong support forming near the $180 level and the 100 hourly SMA. If there is a bearish break below the $180 support, the price could decline towards the $175 support. Any further losses may perhaps lead the price towards the $170 pivot level.
Looking at the chart, Ethereum price is showing a lot of positive signs above the $180 support area. A convincing close above the $188 and $190 resistance levels could set the pace for another rally towards the $200 area. If no, there is a risk of an extended downside correction towards the $170 zone.