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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
sleepwalking, technical analysis ethereum

Ethereum Price Analysis: ETH/USD Jumps Above Key $200 Resistance

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price finally gained momentum and broke the $197 resistance against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now placed nicely above the $197 and $200 resistance levels.

Ethereum price gained momentum recently against the US Dollar and bitcoin. ETH/USD is now placed for more gains above the $197, $198 and $200 resistance levels.

Ethereum Price Analysis

Recently, there was a minor upside move from the $184 swing low in ETH price against the US Dollar. The ETH/USD pair traded above the $190 and $192 resistance levels. However, the upside move was capped by the $199-200 area. The price failed to break the $200 zone and slowly turned south. It declined below the 50% Fib retracement level of the recent wave from the $184 low to $199 high.

However, buyers appeared near the $188-190 area. Moreover, the 61.8% Fib retracement level of the recent wave from the $184 low to $199 high also acted as a support. Later, the price jumped higher and moved above the $190 and $197 resistance levels with a positive angle. More importantly, the price surpassed a strong resistance near the $200 level. There was also a break above a key bearish trend line with resistance at $197 on the hourly chart of ETH/USD. Above the trend line, the 100 hourly simple moving average was beached near the $199 level. Therefore, a break and close above the $199-200 zone is a positive zone.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be gaining pace above $197. As long as there is no false break above the $200 handle and the 100 hourly SMA, there are chances of more upsides. On the upsides, the next resistances are at $207 and $210.

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

Hourly RSI – The RSI currently near the 60 level with a bearish angle.

Major Support Level – $197

Major Resistance Level – $210

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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