- Ethereum has risen by 12% after breaking the $220 resistance
- Ethereum price is now trading above the 100-day SMA and $200 area
- The ETH/USD trading pair will likely go higher from here
Ethereum News Today – the price of Ether is up by 12% after the digital asset broke the $220 resistance area. The ETH price will likely continue going higher from here. It could even reach the $240 and $250 positions. Ethereum price has been surging for some time now and it broke the $215 and $220 resistances recently. The coin’s price is now trading above the $200 level and the 100-day SMA. There was also a break above a major bearish pattern with resistance at $200 via the daily chart of the ETH/USD pair.
Ethereum Price Has Hit its Primary Target
Yesterday, there was a chance of ETH undergoing a strong rise which will take its price above the $200 resistance. The ETH price managed to gain momentum and moved above the $200 resistance posting a 12% price surge. Bitcoin rallied more than 15%. It is now trading above $8,500. This sparked upside moves in Ether and took its value above the $210 area. The price also tested the $220 first bullish target.
During this rise, ETH saw a break above the 50% Fib retracement via the last key drop from $287 to $90. Moreover, there was also a break above a significant bearish pattern with resistance close to $200 via the daily chart. Ether is now trading in a strong upward movement above the $220 area. There is an initial resistance via the upside close to the $240 position. It is also close to the 76.4% Fib level via the last key drop from $287 to $90.
What are the chances of a Downward Correction?
The following key resistance area for ETH/USD is close to the $250 area (which is described as a multi-touch region). If the Ether bulls can continue to gain momentum/strength, there will be a high chance of more upsides for ETH/USD (above the $240 and $250 resistances).
If the price of Ethereum fails in its attempt to clear the $240 resistance, there is a slight chance that the coin will undergo a downward correction. There will be initial support close to the $212 position. The first significant support point is close to the $200 level.
Meanwhile, it is within the same broken bearish pattern. If the price of Ether fails to stay on top of the $200 support area, there will be a risk of the coin undergoing a larger correction that will take its price to $185. The MACD pattern for the ETH/USD pair is gaining momentum and remains in the bullish area.