Ethereum price gained more than 10% and broke the key $200 resistance against the US Dollar. ETH even surpassed $220 today and it is likely to continue higher.
- Ethereum is trading in a strong uptrend above the $200 and $208 levels against the US Dollar.
- The price is showing a lot of positive and it seems like it could rise further towards $240-$250.
- There are two key bullish trend lines forming with support near $215 and $205 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is rising steadily and it may soon test the $10,000 resistance area.
Ethereum Price Rally To Continue
This week, there was a strong start of an upward move in Ethereum above the $195 resistance against the US Dollar. As a result, ETH price climbed above the $200 and $205 resistance levels.
Moreover, it broke the $220 level recently and settled well above the 100 hourly simple moving average. A new 2020 high is formed near $221 and the price is currently trading nicely in a strong uptrend.
An initial support on the downside is near the $217 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $204 low to $221 high.
More importantly, there are two key bullish trend lines forming with support near $215 and $205 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to remain well supported on the downside if it corrects lower from $221.
On the upside, the $222 and $225 levels are initial hurdles for the bulls. A clear break above the $225 level might open the doors for more gains towards the $240 and $250 resistance levels.
Bulls In Full Control
On the downside, there are many supports forming, starting with $215. If Ethereum corrects below the $215 level, it could find bids near the $212 level. It represents the 50% Fib retracement level of the recent rally from the $204 low to $221 high.
Any further losses may perhaps lead the price towards the $205 support area. The main uptrend support is near the $200 level and the 100 hourly simple moving average, below which the price is likely to turn bearish in the near term.
The overall trend is very positive and it seems like the bulls are eyeing a test of the $240-$250 resistance area in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 70 level.
Major Support Level – $212
Major Resistance Level – $222