Ethereum price extended gains and broke the key $200.00 resistance. ETH remains in a strong uptrend and it is likely to trade further above $215.00 or $225.00.
- Ethereum price is up nearly 10% and it recently broke the key $200.00 resistance.
- A major bullish trend line is forming with support at $195.50 on the 30-minute chart.
- ETH price is likely to climb further higher towards $215.00 or $225.00 in the short term.
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Ethereum Price Analysis (ETH to USD)
Bitcoin bulls were in control, pushing the price above the $7,850 and $8,000 resistances. It opened the doors for more gains in Ethereum price above the $195.00 and $200.00 resistances. ETH even climbed towards the $210.00 level and it is currently placed in a strong uptrend.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair broke the key $200.00 and $203.20 resistance levels. Ether even settled nicely above the $200.00 handle and the 25 simple moving average (30-min).
A new monthly high was formed at $210.23 and there are still no signs of a major downside correction. If there is a pullback, an immediate support is $205.80 and the 23.6% Fib retracement level of the recent wave from the $191.49 low to $210.23 high.
However, the key support is at $203.20 (the recent breakout resistance). The next important buy zone is $200.00, and the 50% Fib retracement level of the recent wave from the $191.49 low to $210.23 high.
There is also a major bullish trend line forming with support at $195.50 on the same chart. An intermediate support is near $198.00a and the 25 simple moving average (30-min).
Therefore, if there is a downside correction, the bulls are likely to protect $203.20, $200.00, $198.00 or $195.50. On the upside, an immediate hurdle is near $210.20, above which the price is likely to accelerate towards $215.00 or even $225.00.
Overall, the market is clearly surging higher, with strong gains in bitcoin, ripple, bitcoin cash, binance coin, EOS, cardano and litecoin. Therefore, Ethereum price could continue higher towards $225.00 in the next three sessions.
The market data is provided by TradingView, Bitfinex.