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ETH Simple Breakout Pattern Suggests Another Price Rally To $230

05/15/2020
ETH simple breakout

The ETH simple breakout pattern suggests that the price of the asset will rally to $230 as Ethereum is trading inside the crucial pattern against the US dollar. The ETH price is preparing for a strong increase once it clears the $205 resistance zone and we are reading more in the ETH price news.

Ethereum is struggling to clear the key $205 level and the price is trading in a range above $197 support and the 100 hourly simple moving average. There is another ETH simple breakout pattern that is forming close to the $205 level on the hourly charts for the pair with strong chances of another rally to $205. The ETH price made another attempt to clear the $205 resistance but it failed. The high formed close to the $206 and the price started consolidating in a range.

eth price

There was another correction on the downside below the $202 level and the price traded below the 23% fib retracement level of the upward move from the $188 swing low to the $206 high. The price is holding important support close to the $197 level and the 100 hourly simple moving average. There is another breakout pattern forming on the hourly charts of the ETH/USD pair. The triangle support is getting closer to $197 and the 50% fib retracement level of the upward move from the recent $188 swing low. On the upside, Ethereum has to clear the $205 resistance first to start a strong rally.

If there’s a decent close above the $205, ETH has to start another rally above the $210 and $215 levels. The initial resistance is close to the $220 level so further gains could lead the price to the main $230 resistance zone. The triangle support at $197 plays a huge role. If ETH fails to stay above this level, there is a risk of another downside. The next major support is close to the $192 level so if the bulls fail to protect this zone, there are chances of a downward move to the $180 support.

The technical indicators for the ETH price are now gaining pace in the bearish zone. The RSI for ETH/USD is now correcting below the 50 levels while the major support level is standing at $197 and the major resistance level is standing at $205.

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