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.
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
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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
