The ETH price goes over $205 as we speak and many analysts are now bullish about a potential next stop at $220 for Ethereum. While trading in a bullish zone, the cryptocurrency will most likely clear the $210 resistance level soon and initiate a run towards $220. Now that the Ethereum price shows a lot of positive signs above $205, the price is currently attempting an upside break above $210 and remains in a broad range above these levels.
Even though the ETH bears made a couple of attempts to push the price below the $190 and $188 support levels, they failed. The last swing low was formed near $190, just before the crypto news showed that ETH is primed for another run in the peak of its bullish momentum. This is how the price of the coin swept through the $200 mark and proved that it has a lot more potential.
The last swing low was formed near $188 before the price regained bullish momentum. This is when ETH climbed back above the $190 level and the 100 hourly simple moving average. The bulls made sure to clear the $195 hurdle for a new trend reversal.
As we can see while the ETH price goes over $205, there was also a break above a major contracting triangle with resistance near $197 on the hourly chart of ETH/USD. The pair even surpassed the 76.4% Fib retracement level of the downward move from a $200 high to a $188 low.
Now, the ETH price goes over $205 and is attempting a new upside break. If the bulls gain strength, the Ethereum today’s news could definitely show more gains in the near end. An immediate resistance is near the $208 level since it is close to the Fib extension level of the downward move from a $200 high. The key $220 level is now being watched by everyone and an intermediate resistance for Ether may perhaps be $212.
In the case of struggles, if ETH price goes over $210, it will likely correct. The support is now positioned near the $200 level (whether above or below it) and the bears need a clear break below $202 and $201 in order for that to happen. The technical indicators for the Ethereum price are now as following:
- Hourly MACD – The MACD for ETH/USD is currently gaining strength in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now well above the 55 level.
- Major Support Level – $193
- Major Resistance Level – $200
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