Tuesday, May 14, 2019

Ethereum Price Analysis: Bullish Above $200, Next Target $240

  • Ethereum price surged higher and broke the key $178 resistance area against the US Dollar.
  • ETH even cleared the $200 resistance level, opening the doors for more gains.
  • There was a break above a couple of bullish breakout patterns near $176 and $203 on the 4-hours chart (data feed from Coinbase).
  • The price could continue to move higher towards the $220, $225 and $240 levels in the near term.

Ethereum price started a strong upward move above $178 and $200 against the US Dollar. ETH is following bitcoin and it could continue to surge towards $220 and $240 in the coming days.

Ethereum Price Analysis

This past week, Ethereum price started a fresh rally above the $178 and $180 resistances against the US Dollar. The ETH/USD pair gained bullish momentum above $180 and the 55 simple moving average (4-hours). The pair surged more than 15% and broke the $185 and $194 resistance levels. Finally, there was a clear break above the $200 barrier. Recently, bitcoin price gained heavily above $7,500, opening the doors for solid gains in ETH.

During the recent rise, there was a break above a couple of bullish breakout patterns near $176 and $203 on the 4-hours chart. The pair traded as high as $214 recently and it is currently consolidating gains. An immediate support is at $208 and the 23.6% Fib retracement level of the recent wave from the $191 swing low to $214 high. The main support is near the $203 level (the recent triangle break zone). It also coincides with the 50% Fib retracement level of the recent wave from the $191 swing low to $214 high.

In the short term, the price may dip towards $208 or $203. However, dips remains supported and the price is likely to bounce back above $210 and $215. A clear break above the $215 level could push the price towards the $225 level. The next key resistance is near the $240 level, where sellers are likely to appear. On the downside, the key support is near $198 and the 76.4% Fib retracement level of the recent wave from the $191 swing low to $214 high.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is currently in a strong uptrend above $203 and $200. The bulls are likely to attempt a break above the $215 level in the short term. If they succeed, the next stop could be $225 or $240.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is well above the 60 level and is moving higher.

Key Support Levels – $203, followed by the $196 zone.

Key Resistance Levels – $215 and $225.

The post Ethereum Price Analysis: Bullish Above $200, Next Target $240 appeared first on Live Bitcoin News.



Ethereum Price Analysis: Bullish Above $200, Next Target $240

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.


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