Ethereum price analysis: ETH/USD majestically breakouts, eyes set on $220
|- Ethereum is knocking at $215 resistance but the focus in the short-term remains to be the $220 hurdle.
- According to the technical levels, the impressive performance will continue in the coming sessions on Tuesday.
Ethereum has been among the best performers this week. The second-largest cryptocurrency with a market cap of $22.9 billion is changing the narrative by pushing altcoins in a bullish direction irrespective of Bitcoin’s downward trend in the last few days. Data by CoinMarketCap shows Ether having corrected 7.68% higher in the last 24 hours compared to Bitcoin’s -0.07% drop in the same period.
Ethereum price technical picture
The 4-hour chart shows Ethereum not only above the resistance at $200 but also testing the hurdle at $215. The price is trading above the simple moving averages; the 50 SMA currently playing catch up at $187 while the 100 SMA holding ground at $180. The gap between the 50 SMA and the 100 SMA continues to rise as a signal for the improving bullish picture.
Besides, the moving average convergence divergence (MACD) is scaling the levels in the positive territory. The bullish divergence at +8.42 suggests that the buyers will continue to shape the direction of the price in the coming sessions on Wednesday. Ethereum buyers are looking forward to kicking the price above $220, a move that is meant to open the way for a correction towards $240 and $300 resistance targets.
ETH/USD 1-hour chart
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