Ethereum is following a strong bullish path above the $200 support against the US Dollar, similar to bitcoin. ETH price is likely to continue higher towards the $240 and $250 levels.
- ETH price corrected lower from the $227 high, but found support near $202 against the US Dollar.
- It is currently rising and trading with a positive angle above the $212 level.
- There is a crucial bullish trend line forming with support near $212 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to accelerate higher towards the $240 and $250 levels in the near term.
Ethereum Price is in Bullish Zone
This past week, Ethereum surged above the $200 pivot area against the US Dollar. ETH price gained bullish momentum above the $210 and $220 levels to move into a strong uptrend.
There was a proper close above the $200 pivot level and the 100 simple moving average (4-hours). The price traded to a new monthly high near $227 before starting a downside correction.
Ethereum corrected sharply lower below the $220 and $212 levels. However, the $202 and $200 levels acted as strong buy zones. There is also a crucial bullish trend line forming with support near $212 on the 4-hours chart of ETH/USD.
A low is formed near the $202 level and the price is currently rising. There was a break above the $210 and $212 levels. ETH climbed above the 50% Fib retracement level of the downside correction from the $227 high to $202 low. On the upside, an initial hurdle is near the $218 and $220 levels.
The 61.8% Fib retracement level of the downside correction from the $227 high to $202 low is also acting as a resistance. If there is a clear break above the $220 level, the price is likely to continue higher towards the $227 high or $230.
Any further gains may perhaps open the doors for a larger rally towards the $240 and $250 resistance levels in the near term.
Dips Remain Supported
Ethereum is likely to remain well bid above the $210 level and the bullish trend line. If there is a downside break below the trend line, it could revisit the $202 low.
The main support is near the $200 pivot level. Any further losses might lead the price towards the $192 support or the 100 simple moving average (4-hours).
Technical Indicators
4 hours MACD – The MACD for ETH/USD is moving back into the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $212
Major Resistance Level – $230
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