Ethereum Price Analysis: ETH/USD bulls eye $200 despite stalling under $170

  • Ethereum price is in a bullish phase with gains likely to reclaim $170 and $180 hurdles.
  • ETH/USD mission towards $200 is supported by various technical levels including the RSI and the MACD.

Ethereum price finally embarked on the anticipated journey of breaking barriers towards the psychological $200 level. A lot of progress has been made with several hurdles now in the rearview including $140, $150 and $160. The price also stepped above $170 and inched closer to $180. However, sellers keen on revenge pulled a reversal under $170.

At the time of writing, ETH/USD is trading at $168 after advancing 2% northwards. In spite of the intraday gains during the Asian session, the prevailing short term trend has a bearish bias. However, it is only a matter of time before buyers take over control and push for gains above $170.

The immediate resistance the bulls are battling lies with the 38.2% Fibonacci level taken between the last swing high at $290 to a swing low at $89.64. A break above $170 will also deal with the selling activities at the 50 SMA and the 100 SMA in the 4-hour range. Trading above $180 could improve the buyers’ confidence in the ability of Ethereum to surge above $200.

All technical indicators show the trend gradually turning bearish on Wednesday. More upside action is expected in the European session as long as the RSI continues towards the overbought. Moreover, the MACD’s break into the positive region seems imminent. A bullish divergence further cements the bulls’ position on the market.

ETH/USD 4-hour chart
XRP/USD price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin ready for bullish continuation as crypto bull cycle pauses

The cryptocurrency market has taken a hiatus after a gruesome week of overbearing declines. Bitcoin failed to break the resistance at $52,000 but headed south, resting the support at $45,000.

More Bitcoin News

XLM on the brink of a 45% collapse, shows technicals

Stellar price already had a significant 50% sell-off from its top of $0.60 but the bears could be eying up even more. There is a lot of downside potential for XLM as several indicators show it could be poised for another leg up.

More Stellar Lumens News

LTC whales go into a buying spree, eying up $260

Litecoin price remains bounded inside an ascending parallel channel on the 12-hour chart after a significant sell-off from $247 down to $157. It seems that LTC whales have taken advantage of the recent dip to buy even more.

More Litecoin News

DEXTF Protocol launches incentivization program on SushiSwap offering 376% APY

DeFi users will be able to generate massive returns as the SushiSwap Onsen protocol is about to offer a new incentivization program developed by DEXTF Protocol. 

More Sushi News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast