Ethereum Price Analysis: ETH/USD leaves $200.00 behind, targets $250.00

ETH/USD has gained over 6% on a day-to-day basis.
The next important target is created by weekly SMA200.

Tanya Abrosimova Independent Analyst

Ethereum broke above $200.00 and hit a new high at $210.00. At the time of writing, the coin is changing hands at $209.00 with over 6% of gains on a day-to-day basis. ETH/USD is one of the best-performing altcoins of the day out of top-10. Moreover, it has triggered the strong upside momentum across the market.

ETH/USD: Technical picture

On a daily chart, ETH/USD has reached the upper line of the daily Bollinger Band, however, there are no signs of reversal so far. The RSI on a daily chart has entered the overbought territory, but it still points upwards, which means the coin may continue moving with the bullish bias. The next major target is created by weekly SMA200 on approach to $250.00. On the downside, the initial support is created by $200.00. If it is broken, the sell-off may continue towards $187.00. This support area is created by a daily SMA200.

ETH/USD daily chart

ETH/BTC tested $0.2600 on Wednesday, but failed to develop the upside momentum. The coin returned to the recent range to trade at $0.0255 by press time. However, the price settled above 61.5% Fibo retracement for the downside move from February 2020 high, which is a positive signal in the long run.