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Ethereum Above $200 Indicates A Massive Rally To $240 And $250

Avatar Aayush Jindal 4 months ago

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 chart of ETH/USD. Therefore, Ethereum is likely to find a strong buying interest if it dips towards the $200 and $198 levels.

Ethereum Price

Ethereum Price

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 MACDThe MACD for ETH/USD is slowly reducing its bullish slope.

Hourly RSIThe RSI for ETH/USD is currently declining from the overbought zone and it could test 60.

Major Support Level – $200

Major Resistance Level – $208

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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