Ethereum price analysis: ETH/USD bounces off $180 support, where to next?

Ethereum corrects 2.4% higher amid a generally bullish crypto market.
Eyes set on $195-$200 supply zone but $190 resistance must be cleared first.

Ethereum is taking advantage of the general bullish trend across the market to push correction above the short-term support at $180. The price stepped above the 50 Simple Moving Average (SMA) on the one-hour chart to trade at $186.56 (current market level).

Looking at the Relative Strength Index (RSI), Ethereum is likely to trend towards $190 (short-term resistance target). The RSI’s return to overbought is likely to encourage confidence in the ongoing shallow recovery.

Glancing upwards $190 is the short-term resistance while $195-$200 is a key supply zone. On the downside $180 remains to be a key support zone. An ascending trend is also very instrumental in the prevailing bullish momentum. In the event, declines extend Ethereum bull will seek refuge at $160 and $155 respectively.

ETH/USD one-hour chart

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