Ethereum Price (ETH) Primed For More Gains As Bitcoin Breaks Key Hurdle

Aayush Jindal

1 year ago

2 mins read

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ETH price found support near the $210 level and recently climbed higher against the US Dollar.
The price broke the $215 resistance and it seems like there could be more gains in the near term.
There is a connecting bullish trend line forming with support near $214 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently trading with a bullish angle and it could even surpass the $220 resistance.

Ethereum price is trading with a positive bias versus the US Dollar, and bitcoin rallied above $10,200. ETH price may also gain traction and climb above the $220 resistance.

Ethereum Price Analysis

Yesterday, we discussed the importance of the $210 support for Ethereum price against the US Dollar. The ETH/USD pair corrected lower, but it stayed above the $210 support level. More importantly, there was no close below the 100 hourly simple moving average, and the price climbed back above the $215 level. Additionally, bitcoin price performed really well and climbed above the key $10,200 resistance.

Recently, ETH price climbed above the $216 level and formed a swing high at $218. It is currently struggling to continue higher above $218 and $220. An immediate support is near the $216 level plus the 23.6% Fib retracement level of the upward wave from the $210 low to $218 high. Moreover, there is a connecting bullish trend line forming with support near $214 on the hourly chart of ETH/USD.

The trend line support is near the 50% Fib retracement level of the upward wave from the $210 low to $218 high. Therefore, dips towards the $214 level might find a strong buying interest. The next major support is near the $212 level and the 100 hourly simple moving average. If there is a successful close below the 100 hourly SMA, the price could even break the $210 support level.

On the upside, the $218 level is an initial resistance. The main resistance is near the $220 level. If there is an upside break above the $220 resistance, the price could climb higher positively towards the $225 and $230 levels.

Looking at the chart, Ethereum price is trading with a positive bias above the $212 and $214 levels. Therefore, there are chances of more upsides above the $218 and $220 levels in the near term. Only a close below the 100 hourly SMA and $210 might negate the current bullish view.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently moving higher and is well above the 50 level.

Major Support Level – $210

Major Resistance Level – $220

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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