Ethereum Price Technical Analysis – ETH/USD To Rally Towards $250

Key Highlights

• There were further gains in ETH price, as it moved to a new high at $228.50 against the US Dollar.
• There is a crucial ascending channel forming with support at $205 on the hourly chart (ETH/USD, data feed via SimpleFX).
• If there is a minor dip towards $205-208, the price may find support for another upside move.

Ethereum price gained solid pace against the US Dollar and Bitcoin, and it looks like ETH/USD is gunning for the $250 level.

Ethereum Price Uptrend Intact

Yesterday, I highlighted a major horizontal resistance at $191 in ETH price against the US Dollar.  A break above was required for further gains above $200. The price did break $191, and also managed to overcome all offers near $200. It ignited a sharp upside move and took the price to a new high at $228.50. Earlier, there was a minor dip towards the $185-188 levels where the price found support and bounced sharply.

After setting a high at $228.50, the price started a correction. However, there are many supports like $208 waiting on the downside to hold losses. There is a crucial ascending channel forming with support at $205 on the hourly chart of ETH/USD. It can be seen as a major uptrend support at $205-208. As long as the price is above $200, there can be at least a retest of $228.50. The $208 support is also near the 23.6% Fib retracement level of the last wave from the $136.40 low to $228.50 high.

So, if there is a correction towards $205-208, the price may find support for another upside move. On the upside, a break above $228-230 could easily open the gates for a move towards $250.

Hourly MACD – The MACD is moving nicely in the bullish zone.

Hourly RSI – The RSI is currently at 62 and correcting extreme overbought levels.

Major Support Level – $205

Major Resistance Level – $228

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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