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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Just Broke $220 and $250 Seems Imminent: Here’s Why

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Ethereum ETH

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Ethereum price gained more than 10% and broke the key $200 resistance against the US Dollar. ETH even surpassed $220 today and it is likely to continue higher.

  • Ethereum is trading in a strong uptrend above the $200 and $208 levels against the US Dollar.
  • The price is showing a lot of positive and it seems like it could rise further towards $240-$250.
  • There are two key bullish trend lines forming with support near $215 and $205 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is rising steadily and it may soon test the $10,000 resistance area.

Ethereum Price Rally To Continue

This week, there was a strong start of an upward move in Ethereum above the $195 resistance against the US Dollar. As a result, ETH price climbed above the $200 and $205 resistance levels.

Moreover, it broke the $220 level recently and settled well above the 100 hourly simple moving average. A new 2020 high is formed near $221 and the price is currently trading nicely in a strong uptrend.

An initial support on the downside is near the $217 level. It coincides with the 23.6% Fib retracement level of the recent rally from the $204 low to $221 high.

More importantly, there are two key bullish trend lines forming with support near $215 and $205 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to remain well supported on the downside if it corrects lower from $221.

Ethereum Price
Ethereum Price

On the upside, the $222 and $225 levels are initial hurdles for the bulls. A clear break above the $225 level might open the doors for more gains towards the $240 and $250 resistance levels.

Bulls In Full Control

On the downside, there are many supports forming, starting with $215. If Ethereum corrects below the $215 level, it could find bids near the $212 level. It represents the 50% Fib retracement level of the recent rally from the $204 low to $221 high.

Any further losses may perhaps lead the price towards the $205 support area. The main uptrend support is near the $200 level and the 100 hourly simple moving average, below which the price is likely to turn bearish in the near term.

The overall trend is very positive and it seems like the bulls are eyeing a test of the $240-$250 resistance area in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 70 level.

Major Support Level – $212

Major Resistance Level – $222

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Aayush Jindal
Aayush Jindal

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.

Read more

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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