Ethereum (ETH) Price Hits First Target: $240 Could Be Next
- ETH price climbed above the $210 resistance level and tested the $225 level against the US Dollar.
- The price remains in a strong uptrend and it could soon test the $240 resistance area.
- There is a new short term bullish trend line forming with support near $209 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on the downside near the $215 and $210 levels.
Ethereum price climbed sharply above $220 versus the US Dollar, and recovered a few points vs bitcoin. ETH price is likely to continue higher and the bulls are likely to target the $240 level next.
Ethereum Price Analysis
Yesterday, we discussed the chances of an upside break in Ethereum price above $210 against the US Dollar. The ETH/USD pair formed a decent support base near the $200 level and later climbed above the $210 resistance level. The bulls gained momentum above $215 and the price remained well above the 100 hourly simple moving average. As a result, there was a break above the $220 level and the price tested the first bullish target near $224-225. A swing high was formed near $225 and the price is currently correcting lower.
An immediate support is near the $215 level. The next support is near $212 and the 50% Fib retracement level of the recent wave from the $200 swing low to $225 high. There is also a new short term bullish trend line forming with support near $209 on the hourly chart of ETH/USD. The trend line support coincides with the 61.8% Fib retracement level of the recent wave from the $200 swing low to $225 high. The main support is near the $204 level (the recent resistance area).
On the upside, a break above the $225 level could open the doors more gains. An immediate resistance may be $230, above which the price is likely to surge towards the next bullish target at $240. The current price action indicates a short term downside correction, but the bulls are likely to protect $215 or $212.
Looking at the chart, Ethereum price is clearly gaining pace above key levels such as $200 and $210. As long as the price stays above the $200 pivot level, it is likely to continue higher in the coming sessions. If there is a downside break below $200, the price could start a major correction towards $185.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving nicely in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 70 level, with a positive bias.
Major Support Level – $212
Major Resistance Level – $225