Ethereum Price (ETH) Reverses Sharply, Bitcoin Jumps 5%

Aayush Jindal

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

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ETH price started a strong recovery after trading towards the $200 support level against the US Dollar.
The price gained more than 5% and broke the $210 and $215 resistance levels.
Yesterday’s highlighted key bearish trend line was breached with resistance near $212 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is showing positive signs and it seems like it could revisit the $230 and $235 resistance levels.

Ethereum price is showing reversal signs above $215 versus the US Dollar, similar to bitcoin. ETH price is likely to continue higher and dips towards $218 likely remains supported.

Ethereum Price Analysis

Yesterday, we saw a downside extension in Ethereum price below $210 against the US Dollar. The ETH/USD pair even broke the $205 level and tested the $200 support level. The bulls managed to defend the $200 handle and the price started a decent recovery. There was a break above the $210 and $215 resistance levels to start the current upward move. Moreover, the price even surpassed the $220 resistance and the 100 hourly simple moving average.

Besides, yesterday’s highlighted key bearish trend line was breached with resistance near $212 on the hourly chart of ETH/USD. The pair is now trading nicely above the 50% Fib retracement level of the downward move from the $236 high to $200 low. The current price action indicates the chances of more gains above the $225 level in the near term.

An immediate resistance is near the $228-230 zone. Moreover, the 76.4% Fib retracement level of the downward move from the $236 high to $200 low is likely to act as a resistance near $228. If there are more gains above $228 and $230, the price could continue to rise. The next stop for the bulls could be near the $236 swing high.

On the other hand, if the price corrects lower, it might find bids near the $220 support. Additionally, the $218 level and the 100 hourly SMA are also strong supports. As long as the price is trading above the 100 hourly, it is likely to break the $228 and $230 resistance levels.

Looking at the chart, Ethereum price is showing a lot of positive signs above the $218 level. The technical structure is positive, suggesting more upsides above $230. Only a close below $216 and the 100 hourly SMA might negate the current bullish view in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD is gaining pace towards 80 and it is currently well above the 60 level.

Major Support Level – $216

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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