Ethereum Just Saw A Key Technical Breakout And $230 Seems Imminent
Mining2020/05/18 11:28 by Aayush Jindal
Ethereum is up more than 5% and it broke the key $205 resistance against the US Dollar. ETH price remains well supported and it is likely to continue higher towards $230.
Ethereum is gaining traction and it recently surged above the $205 resistance zone.
The price is trading near the $215 resistance, but it is well above the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $210 on the hourly chart of ETH/USD (data feed via Kraken).
A clear break above the $215-$216 zone might open the doors for a push to $220 and $230.
Ethereum Price is Gaining Traction
After forming a strong support base above $192, Ethereum price started a fresh increase against the US Dollar. Bitcoin price also gained pace towards $10,000, resulting in an upside break above the $200 resistance zone.
The price surged above the $205 resistance and the 100 hourly simple moving average. Ether is up more than 5% and it is now trading near the $215-$216 resistance zone. An initial support is near the $214 level.
The 23.6% Fib retracement level of the recent rise from the $206 low to $216 high is also near the $214 level. The first major support is seen near the $212 level, where the bulls might take a stand.
More importantly, there is a key bullish trend line forming with support near $210 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent rise from the $206 low to $216 high.
If Ethereum starts a downside correction, it is likely to find bids near the $212 and $210 levels. Any further losses may perhaps lead the price towards the main $205 support zone (the recent breakdown zone). If the bulls fail to keep the price above the $205 zone, there are chances of a renewed downtrend towards $192.
On the upside the $215-$216 zone is an initial barrier for more gains. A successful break above the $216 high might open the doors for the next rally towards $220 and $225.
The main hurdle on the upside is near the $230 level, where the bears could take a stand. Any further gains may perhaps open the doors for a sharp rise towards the $250 level.
Hourly MACD – The MACD for ETH/USD is currently losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower from the 70 level.
Major Support Level – $210
Major Resistance Level – $216
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