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Ethereum Rallies Above $220 And Likely To Continue Higher To $240

Ethereum is up more than 8% and it broke the key $215 resistance zone against the US Dollar. ETH price is trading nicely above $220 and it could continue to rise above $230.

  • Ethereum is showing a lot of positive signs and it rallied above $215 and $220.
  • The price is likely to continue higher towards the $230 and $240 levels.
  • There is a connecting bullish trend line forming with support near $212 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains well supported on dips near $215 and $212 in the near term.

Ethereum Price Surging

Ethereum price remained in a strong uptrend above the $205 level and it gained pace above the $210 barrier. ETH price managed to surpass the main $215 resistance zone to move into a bullish zone.

There was also a close above the $215 level and the 100 hourly simple moving average. Ether traded as high as $225 and it is currently consolidating gains. It tested the 23.6% Fib retracement level of the recent rally from the $204 swing low to $224 high.

The first major support on the downside is near the $215 zone. It is close to the 50% Fib retracement level of the recent rally from the $204 swing low to $224 high.

More importantly, there is a connecting bullish trend line forming with support near $212 on the hourly chart of ETH/USD. On the upside, the price is likely to continue higher above the $224 and $225 levels.

Ethereum Price

Ethereum Price

The first major resistance is near the $230 level. If there is a clear break above the $230 level, the price is likely to accelerate higher towards the $240 level. Any further gains could lead the price towards the $250 level.

Dips Supported in ETH

If Ethereum starts a downside correction, it is likely to remains supported near the $215 support zone (the recent breakout area). The trend line support at $212 is also a major support.

If there is a downside break below the $212 support zone, the price is likely to test the main $210 support and the 100 hourly simple moving average, which is also a key breakdown area.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 60 level, with a positive angle.

Major Support Level – $215

Major Resistance Level – $225

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Ethereum Rallies Above $220 And Likely To Continue Higher To $240 was last modified: May 29th, 2020 by Aayush Jindal

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