Ethereum Price (ETH) Breaks $220 While Bitcoin Rallied 10%

Aayush Jindal

1 year ago

2 mins read

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ETH price started an upside correction and traded above the $210 resistance against the US Dollar.
The price gained traction above the $220 level and even traded close to the $230 level.
This week’s followed key bearish trend line is acting as resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently consolidating below the $230 resistance, with support near $212.

Ethereum price is trading with a positive bias above $210 versus the US Dollar, whereas bitcoin jumped 10%. ETH price could dip towards $212 before it could break the $230 resistance.

Ethereum Price Analysis

After a significant decline, Ethereum price found support near the $190 level against the US Dollar. The ETH/USD pair started an upside correction and recently traded above the $200 resistance. Moreover, bitcoin price recovered sharply above $10,000, sparking bullish moves in the crypto market. ETH price gained traction and broke the $210 and $220 resistance levels.

Moreover, there was a close above the $220 level and the 100 hourly simple moving average. The price even broke the 23.6% Fib retracement level of the last major decline from the $229 high to $190 low. Additionally, there was a break above a connecting bearish trend line with resistance at $214 on the hourly chart of ETH/USD. However, the pair ran into this week’s followed key bearish trend linen at $230.

The pair is currently consolidating below the $230 resistance and near the 100 hourly SMA. An initial support is near the $220 level, below which the price may perhaps dip towards the $212 support level. If there are more losses, the price might move back in a bearish zone towards $200 and $195.

On the other hand, if the price gains momentum above the $230 resistance, it could continue to rise. The next key resistance is near the $235 level (the previous swing high) plus the 50% Fib retracement level of the last major decline from the $229 high to $190 low. If there are more gains, the price may even test the $245 level, representing the 61.8% Fib retracement level of the last major decline from the $229 high to $190 low.

Looking at the chart, Ethereum price is showing a few positive signs above the $212 support level. However, the bulls need to gain strength above $230 and $235 to push the price back into a positive zone.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is struggling to gain momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.

Major Support Level – $212

Major Resistance Level – $230

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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