Key Key Aspects
- The ETH price rose higher and broke the resistance of $ 200 against the US dollar.
- There is a short-term uptrend channel with support for $ 216 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is following a solid bullish stance and may continue to move higher towards the $ 235-240 levels.
The price of Ethereum has gained bullish momentum against the US dollar and bitcoin. The ETH / USD has gathered above the resistance of $ 210 and looks set to further gains.
Ethereum Price Rally
Finally, there was a strong upward push from the base of $ 170 in the ETH price compared to the US dollar. The pair ETH / USD started a solid bullish wave and broke many resistances like $ 185, $ 195, $ 200 and $ 210. It even stabilized above the $ 200 handle and the simple moving average 100 hours. During the upswing, there was a break above a key linking the downtrend line to $ 185 on the timeline of the Eth / USD.
The pair even broke the $ 220 level and traded up to $ 224.09 recently. At the moment, it appears that the pair is following a short-term uptrend channel with support for $ 216 on the same chart. On the downside, channel support is above the 23.6% fiber retracement level of the recent wave, from $ 167 to $ 224. Below this, the pair could perhaps correct to the handle $ 200. Finally, the most important support is close to $ 195 and 100-hour SMA. In addition, the Fibra 50% retracement level of the recent wave from the low of $ 167 to $ 224 is also close to $ 195.
Looking at the chart, the ETH price is clearly back with a bang and drops from current levels towards $ 200 remains supported. On the upside, the next major resistances for buyers are $ 235 and $ 240. Beyond this, the price could test the $ 250 level.
MACD schedule – The MACD is moving into the bullish zone.
RSI timetable – The RSI is currently in the overbought zone above level 70.
Major Support Level – $ 210
Major Resistance Level – $ 235