Analysis Technical

Ethereum Price Analysis: ETH/USD Skyrockets Above $210

Aayush Jindal | September 14, 2018 | 6:00 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Skyrockets Above $210

Aayush Jindal | September 14, 2018 | 6:00 am

Key Highlights

  • ETH price surged higher and broke the $200 resistance against the US Dollar.
  • There is a short-term ascending channel in place with support at $216 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is following a solid bullish bias and it could continue to move higher towards the $235-240 levels.

Ethereum price gained bullish momentum against the US Dollar and bitcoin. ETH/USD rallied above the $210 resistance and it looks set for more gains.

Ethereum Price Rally

Finally, there was a sharp upward move noted from the $170 support base in ETH price against the US Dollar. The ETH/USD pair started a solid bullish wave and broke many resistances such as $185, $195, $200 and $210. It even settled above the $200 handle and the 100 hourly simple moving average. During the rise, there was a break above a key connecting bearish trend line at $#185 on the hourly chart of ETH/USD.

The pair even broke the $220 level and traded as high as $224.09 recently. At the moment, it seems like the pair is following a short-term ascending channel with support at $216 on the same chart. On the downside, the channel support is above the 23.6% Fib retracement level of the recent wave from the $167 low to $224 high. Below this, the pair may perhaps correct towards the $200 handle. Finally, the most important support is near $195 and the 100 hourly SMA. Additionally, the 50% Fib retracement level of the recent wave from the $167 low to $224 high is also near $195.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is clearly back with a bang and dips from the current levels towards $200 remains supported. On the upside, the next important resistances for buyers are $235 and $240. Above this last, the price could test the $250 level.

Hourly MACD – The MACD is moving in the bullish zone.

Hourly RSI – The RSI is currently in the overbought zone above the 70 level.

Major Support Level – $210

Major Resistance Level – $235

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.