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Can Ethereum Surge Past $220 Soon: Our Expert Analysis

05/07/2020
can ethereum eth surge

The price of Ethereum is currently struggling to gain bullish momentum above the $210 and $220 resistance levels. It recently breached the $200 mark, surged even more, but corrected a week ago to this region slightly above $200. In the ETH news now, we are showing an answer to the question “can Ethereum surge” soon – with expert analysis on the topic.

As of recently, the ETH price made another attempt to surpass the $210 resistance level against the US dollar but failed in it. The charts showed a short term top near $211 and declined sharply. We could notice a break below the $202 support zone, but the $197 and $198 price region acted as a strong buy zone.

The Ethereum price surpassed the 50% Fib retracement level of the recent decline from the $211 high to a $207 low. However, if you are asking can Ethereum surge past $220 soon, there is no clear answer as the price is still unstable.

can ethereum surge

       The price of Ethereum against the US dollar on the charts today. (Source: TradingView.com)

Currently, ETH is struggling to clear the $207 and $208 levels. The 100 hourly simple moving average also acts as a major hurdle, and there is a major bearish trend line forming with resistance near $210 on the hourly chart of ETH/USD. An intermediate resistance is near the 76.4% Fib retracement level of the recent decline from the $211 high to the $207 low.

In order to move into a positive zone and start a strong upward move, the price of ETH must break the $210 and $211 resistance levels. If the bulls gain bullish momentum above $211, the price is likely to grind towards the $220 level. The next major resistance after this is seen near the $230 level.

If you are asking “can Ethereum surge above $210,” you should know that the cryptocurrency could be reacting from another bullish attempt in the cryptocurrency news. An initial support on the downside is near the $202 level.

The main support now is forming near the $197 and $198 levels. If the price fails to stay above $200 and settles below the $197 mark, we could notice a risk of significant declines towards the $182 and $180 support levels. The technical indicators for the Ethereum (ETH) price are as following:

  • Hourly MACD – The MACD for ETH/USD is ready to move into the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is currently only below the 50 level.
  • Major Support Level – $200
  • Major Resistance Level – $211

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