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ETH Price Is Preparing For A New Rise To $250: Analysis

05/03/2020
eth price is preparing

The latest Ethereum news show that the ETH price is stable and preparing for new gains, inspired by its “bigger brother” Bitcoin (BTC). The cryptocurrency is following a strong bullish path lately and is positioned above the $200 support against the US dollar, which is very similar to Bitcoin.

Over the past week, we saw how Ethereum surged above the $200 pivot area against the US dollar. This is when the ETH price gained bullish momentum above the $210 and $220 levels to move into a strong uptrend.

There was also a proper close above the $200 pivot level and the 100 hour simple moving average. The ETH price is preparing for a new rise and is inspired by the monthly high which it established near $227 before it started a downside correction.

Ethereum corrected sharply lower below the $220 and $212 levels. However, the $202 and $200 levels acted as strong buy zones. We could notice a crucial bullish trend line forming with support near $212 on the 4-hours chart of ETH/USD.

ETH price ethereum

As the ETH price is preparing for a new rise, the $202 low is acting as the first line of support while the $227 high is the main resistance now. However, before securing these levels, Ethereum needs to prove that it is capable of going over $220 and $225.

Any further gains may perhaps open the doors for a rally towards $240 and $250 which is very expected in the altcoin news. ETH is likely to remain well bid above the $210 level and the bullish trend line. If we see a downside break below this trend line, it could revisit a $202 low.

The main support as the ETH price is preparing for a run is the $200 pivot level. Any further losses might lead the price towards the $192 support or the 100 simple moving average (4 hours). Meanwhile, we can see a good traction between altcoins – Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS) are some of the best performers in the top 10 today. In the top 20, Ethereum Classic (ETC) is leading the day with 12.43% gains and a new price of $7.51.

The technical indicators for the Ethereum price look like this:

  • 4 hours MACD – The MACD for ETH/USD is moving back into the bullish zone.
  • 4 hours RSI – The RSI for ETH/USD is currently well above the 50 level.
  • Major Support Level – $212
  • Major Resistance Level – $230

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