Ethereum Price Analysis: Next stop 200.00
- Ethereum is trading 4.13% higher on Tuesday as another bout of good sentiment kicks in.
- The next major target on the upside is 200.00 and volume has been picking up.
ETH/USD 4-hour chart
Ethereum is trading higher today as more bullish sentiment kicks in. Most of the crypto majors are trading higher as the whole space enjoys a good run. Looking at some technicals now, the price is trading above the 55 and 200 4-hour moving averages which is also a good sign. The RSI is also in a positive space but is currently just pulling away from its best levels. Notice the red circle around the volume histogram. That is showing increased activity but more volume is noted on the down candles.
Looking at the price action, the price has entered a small consolidation phase. The top of the pattern is at 176.88 and this level must be watched as it is important for the trend continuation. On the downside, the red support level just below 150.00 is key as a breakthrough there could indicate the bull trend is over.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
