Ethereum Price (ETH) Touches $200 While Bitcoin Is Declining

Aayush Jindal

1 year ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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ETH price extended its gains above the $195 resistance level against the US Dollar.
Bitcoin price is down more than 1.5% and it recently broke the $10,250 support area.
Yesterday’s highlighted major bullish trend line is active with support near $193 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently consolidating gains and it might soon attempt to climb above the $200 resistance.

Ethereum price is trading higher towards $200 and $205 versus the US Dollar, while bitcoin is declining. ETH price could continue to rise towards $205 or even $210.

Ethereum Price Analysis

Yesterday, we saw a nice upward move in ETH price above the $185 resistance against the US Dollar. Moreover, we discussed the chances of more upsides and a test of the $200 level. The price did climb higher, broke the $195 swing high, and recently traded close to the $200 level. On the other hand, bitcoin remained in a bearish zone and declined below the $10,300 and $10,250 support levels.

Ethereum price formed a new monthly high near $200 and it is currently consolidating gains. An immediate support is near the $197 level. It coincides with the 23.6% Fib retracement level of the last leg from the $189 swing low to $200 high. If there is an extended downside correction, the price could test the $195 support area. Additionally, the 50% Fib retracement level of the last leg from the $189 swing low to $200 high is also near the $195 level.

More importantly, yesterday’s highlighted major bullish trend line is active with support near $193 on the hourly chart of ETH/USD. The main support for Ethereum is near the $185 level (the previous resistance). Therefore, dips remain well supported in the near term towards $195 and $193. On the upside, an immediate resistance is near the $200 handle.

If the price breaks the $200 level, there are high chances of it surpassing the $205 resistance level. The next key resistance is near the $210 level, above which the price could surge towards the $220-$225 zone.

Looking at the chart, Ethereum price is clearly outperforming bitcoin and other altcoins. As long as it is trading above the trend line support and $185, there are chances of more gains. It would be interesting to see how bears react once the price surpasses the $200 barrier and attempts to climb above $205.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently correcting lower and it might test the 60 level.

Major Support Level – $193

Major Resistance Level – $200

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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