$220: Ethereum Bulls Aim Big After Recent Bearish Rejection

Aayush Jindal

1 year ago

2 mins read

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Ethereum price is trading with a positive bias above the $180 and $185 levels against the US Dollar. ETH is likely to continue higher towards $200 or $220 in the near term.

Ethereum is trading in a bullish zone above the $180 pivot area against the US Dollar.
The price climbed higher recently and revisited the $194-$195 resistance area.
There was a break above a major contracting triangle with resistance near $182 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is still struggling to stay above the $9,500 resistance level.

Ethereum Price Could Continue To Rise

In the past three sessions, there were mostly bullish moves in Ethereum above the $180 level against the US Dollar. ETH price formed a strong support base above $180 and the 100 hourly simple moving average.

As a result, there was a strong increase above the $185 resistance area. Moreover, there was a break above a major contracting triangle with resistance near $182 on the hourly chart of ETH/USD.

It opened the doors for a break above the $190 resistance area. Finally, the price traded to a new 2020 high at $195 and it is currently consolidating gains. Ethereum traded below the 23.6% Fib retracement level of the recent surge from the $179 low to $195 high.

On the downside, there are many supports, starting with the $188 and $187 levels. Besides, the 50% Fib retracement level of the recent surge from the $179 low to $195 high is also near the $187 level.

If there is a clear break below the $187 support, the price could start an extended downside correction towards the $185 support. The next major support and buy zone is near the $182 level and the 100 hourly SMA. Any further losses may perhaps lead the price towards the $178 support area.

Bullish Targets for ETH

On the upside, an initial hurdle for Ethereum is near then $195 level. A successful close above the $195 resistance might set the pace for a break above the $200 barrier.

In the mentioned case, there are high chances of a sustained upward move towards the $220 level in the coming sessions. An intermediate resistance is seen near the $212 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level, with a few bearish signs.

Major Support Level – $185

Major Resistance Level – $195

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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