- 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.
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