Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00. The second-largest digital asset has gained over 15% since this time on Monday and became the best-performing digital asset out of top-10. Ethereum's market value has increased to $19.0 billion, while an average daily trading volume jumped above $23 billion. 

At the time of writing, over 23% of Ethereum addresses are in the money, which is a big improvement from the previous day. The next important barrier is created by $200 with nearly 2 million addresses contain 4 million coins that were purchased around this price. Notably, the number of large transactions tripled on Tuesday, which is a good signal for the coin.  

ETH/USD: Technical picture

ETH/USD has developed a steep upside trend with the local support created by the psychological $170.00. If it is cleared, the middle line of 1-hour Bollinger Band at $167.00 will come into focus. This area is likely to slow down the downside correction; otherwise, a sustainable move lower will open up the way towards SMA50 1-hour at $155.00 and the above-mentioned critical barrier of $150.00. 

The intraday RSI reversed to the downside, ready to exit the overbought territory. It means that the price may extend the retreat from the recent highs; however, the trend remains bullish as long as it stays above $150.00.

ETH/USD 1-hour chart

On the daily chart, ETH/USD is trading above the upper line of the Bollinger Band at $163.50, which now serves as a support an initial correction target. The daily RSI stays flat in a neutral zone.

On the upside, the next strong resistance is created by SMA200 daily at $173.50. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $180.00 reinforced by SMA50 and SMA100 on a daily chart.

ETH/USD daily chart