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.

John Isige FXStreet

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

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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