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Ethereum Price Analysis: Why ETH/USD breakout to $220 unstoppable?

  • Ethereum price breaks out in tandem with Bitcoin’s surge to $10,000.
  • A falling wedge pattern breakout could still boost ETH/USD to test $220 resistance.
Ethereum Price Analysis: Why ETH/USD breakout to $220 unstoppable?
John IsigeJohn IsigeFXStreet

The cryptocurrency market is mixed red and green in the wake of Bitcoin’s surge past $10,000. Ethereum tried to follow in the footsteps of the granddaddy of the digital market but its margin of gains has been limited this time around. ETH/USD is dancing at $213 after retreating from highs around $216.

In spite of the minor retreat from the intraday highs, Ethereum’s break above a falling wedge pattern resistance suggests that the path to $220 is clear. Besides, the RSI is above the average (50) and still pointing upwards in a bid to display a stronger bullish grip.

The opening value at $212 is currently the immediate support. ETH/USD will find additional support at the 50 SMA ($210) in the 4-hour range in the event declines extend. The critical level at $200 (100 SMA) is also in line to offer support. For now, the biggest task is to hold Ethereum above $212 and keep the focus on $220.

Ethereum intraday levels

Spot rate: $213.87

Relative change: 1.53

Percentage change: 0.67%

Low: $212.17

High: $216.93

Trend: Bearish (short term bias)

Volatility: Low

ETH/USD 4-hour chart

ETH/USD price chart

ETH/USD

Overview
Today last price214.01
Today Daily Change1.60
Today Daily Change %0.75
Today daily open212.41
 
Trends
Daily SMA20196.69
Daily SMA50166.72
Daily SMA100190.46
Daily SMA200173.98
 
Levels
Previous Daily High215.35
Previous Daily Low196.88
Previous Weekly High227.37
Previous Weekly Low189.72
Previous Monthly High227.37
Previous Monthly Low128.95
Daily Fibonacci 38.2%208.29
Daily Fibonacci 61.8%203.93
Daily Pivot Point S1201.07
Daily Pivot Point S2189.74
Daily Pivot Point S3182.6
Daily Pivot Point R1219.54
Daily Pivot Point R2226.68
Daily Pivot Point R3238.01

Author

John Isige

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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