Ethereum price is gaining pace above the ,200 resistance. ETH is up over 8% and might continue to rise toward the ,500 resistance in the coming days.
- Ethereum is gaining pace and recently surpassed the ,250 resistance.
- The price is trading above ,200 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near ,225 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rally if it clears the ,275 resistance zone.
Ethereum Price Follows Bitcoin
Ethereum price started a strong increase above ,000, like Bitcoin. ETH cleared many hurdles near ,120 to enter a positive zone. The price even surged above the ,200 level to set the tone for a larger increase.
A new multi-month high was formed near ,275 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the ,148 swing low to the ,275 high. However, Ethereum is still trading above ,200 and the 100-hourly Simple Moving Average.
There is also a key bullish trend line forming with support near ,225 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the ,250 zone.
Source: ETHUSD on TradingView.com
The next key resistance is near the ,275 level. A clear move above the ,275 zone could send the price toward the ,320 level. The next resistance sits at ,350. Any more gains could start a wave toward the ,500 level.
Are Dips Limited in ETH?
If Ethereum fails to clear the ,250 resistance, it could start a downside correction. Initial support on the downside is near the ,220 level and the trend line.
The next key support is ,175 or the 76.4% Fib retracement level of the upward move from the ,148 swing low to the ,275 high. The main support is now near ,150 or the 100-hourly Simple Moving Average. A downside break below ,150 might start a steady decline. The key support is now at ,080, below which there is a risk of a move toward the ,020 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,175
Major Resistance Level – ,250