Ethereum price rallied recently and surpassed the $200 barrier against the US Dollar. ETH is now trading nicely above $200, with many signs of more upsides.
- Ethereum climbed higher and settled above the main $200 barrier against the US Dollar.
- The price traded as high as $208 and it is currently correcting lower.
- There is a major bullish trend line forming with support near $198 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price also jumped above $9,500 and traded to a new 2020 high close to $9,750.
Ethereum Price Signaling More Gains
After completing a short term correction near the $185 level, Ethereum started a fresh increase against the US Dollar. ETH price surged higher and broke many important hurdles near $195.
Finally, it climbed above the main $200 barrier. Moreover, there was a close above the $200 level and the 100 hourly simple moving average. The price traded to a new 2020 high at $208 and it is currently consolidating losses.
An initial support is near the 23.6% Fib retracement level of the recent wave from the $184 swing low to $208 high. The first major support is seen near the $200 and $198 levels (the recent breakout zone).
Besides, there is a major bullish trend line forming with support near $198 on the hourly of ETH/USD. Therefore, Ethereum is likely to find a strong buying interest if it dips towards the $200 and $198 levels.
On the upside, the $208 and $210 levels are initial hurdles for the bulls. A successful break above $210 might start a strong increase towards the $220 level in the coming sessions. Any further gains could set the momentum for a sharp rally towards the $240 and $250 levels.
Dips Remain Supported
As mentioned, the $198 and $200 levels are key supports for the bulls. The next important support is near $196 since it is close to the 50% Fib retracement level of the recent wave from the $184 swing low to $208 high.
Any further losses may perhaps lead Ethereum price towards the $190 support level and the 100 hourly simple moving average. The overall price action is very bullish, suggesting high chances of more upsides above the $210 and $220 levels in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly reducing its bullish slope.
Hourly RSI – The RSI for ETH/USD is currently declining from the overbought zone and it could test 60.
Major Support Level – $200
Major Resistance Level – $208
