Ethereum Above $200 Indicates A Massive Rally To $240 And $250

Aayush Jindal

1 year ago

2 mins read

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Ethereum price rallied recently and surpassed the $200 barrier against the US Dollar. ETH is now trading nicely above $200, with many signs of more upsides.

Ethereum climbed higher and settled above the main $200 barrier against the US Dollar.
The price traded as high as $208 and it is currently correcting lower.
There is a major bullish trend line forming with support near $198 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price also jumped above $9,500 and traded to a new 2020 high close to $9,750.

Ethereum Price Signaling More Gains

After completing a short term correction near the $185 level, Ethereum started a fresh increase against the US Dollar. ETH price surged higher and broke many important hurdles near $195.

Finally, it climbed above the main $200 barrier. Moreover, there was a close above the $200 level and the 100 hourly simple moving average. The price traded to a new 2020 high at $208 and it is currently consolidating losses.

An initial support is near the 23.6% Fib retracement level of the recent wave from the $184 swing low to $208 high. The first major support is seen near the $200 and $198 levels (the recent breakout zone).

Besides, there is a major bullish trend line forming with support near $198 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to find a strong buying interest if it dips towards the $200 and $198 levels.

On the upside, the $208 and $210 levels are initial hurdles for the bulls. A successful break above $210 might start a strong increase towards the $220 level in the coming sessions. Any further gains could set the momentum for a sharp rally towards the $240 and $250 levels.

Dips Remain Supported

As mentioned, the $198 and $200 levels are key supports for the bulls. The next important support is near $196 since it is close to the 50% Fib retracement level of the recent wave from the $184 swing low to $208 high.

Any further losses may perhaps lead Ethereum price towards the $190 support level and the 100 hourly simple moving average. The overall price action is very bullish, suggesting high chances of more upsides above the $210 and $220 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly reducing its bullish slope.

Hourly RSI – The RSI for ETH/USD is currently declining from the overbought zone and it could test 60.

Major Support Level – $200

Major Resistance Level – $208

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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