Ethereum Price (ETH) Primed For More Gains As Bitcoin Breaks Key Hurdle @newsbtc #Analysis #Technical #ETH #ethereum

• ETH price found support near the $210 level and recently climbed higher against the US Dollar.
• The price broke the $215 resistance and it seems like there could be more gains in the near term.
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  • ETH price found support near the $210 level and recently climbed higher against the US Dollar.
  • The price broke the $215 resistance and it seems like there could be more gains in the near term.
  • There is a connecting bullish trend line forming with support near $214 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently trading with a bullish angle and it could even surpass the $220 resistance.

  Ethereum price is trading with a positive bias versus the US Dollar, and bitcoin rallied above $10,200. ETH price may also gain traction and climb above the $220 resistance.

  Ethereum Price Analysis

  Yesterday, we discussed the importance of the $210 support for Ethereum price against the US Dollar. The ETH/USD pair corrected lower, but it stayed above the $210 support level. More importantly, there was no close below the 100 hourly simple moving average, and the price climbed back above the $215 level. Additionally, bitcoin price performed really well and climbed above the key $10,200 resistance.

  Recently, ETH price climbed above the $216 level and formed a swing high at $218. It is currently struggling to continue higher above $218 and $220. An immediate support is near the $216 level plus the 23.6% Fib retracement level of the upward wave from the $210 low to $218 high. Moreover, there is a connecting bullish trend line forming with support near $214 on the hourly chart of ETH/USD.

  The trend line support is near the 50% Fib retracement level of the upward wave from the $210 low to $218 high. Therefore, dips towards the $214 level might find a strong buying interest. The next major support is near the $212 level and the 100 hourly simple moving average. If there is a successful close below the 100 hourly SMA, the price could even break the $210 support level.

  On the upside, the $218 level is an initial resistance. The main resistance is near the $220 level. If there is an upside break above the $220 resistance, the price could climb higher positively towards the $225 and $230 levels.

  

  Looking at the chart, Ethereum price is trading with a positive bias above the $212 and $214 levels. Therefore, there are chances of more upsides above the $218 and $220 levels in the near term. Only a close below the 100 hourly SMA and $210 might negate the current bullish view.

  ETH Technical Indicators

  Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

  Hourly RSI – The RSI for ETH/USD is currently moving higher and is well above the 50 level.

  Major Support Level – $210

  Major Resistance Level – $220

  The post Ethereum Price (ETH) Primed For More Gains As Bitcoin Breaks Key Hurdle appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-price-eth-primed-for-more-gains-as-bitcoin-breaks-key-hurdle-5d43a821f4c85eab76fc985c