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Ethereum Holds Strong Above $200, Can ETH Follow Bitcoin’s Rise

05/08/2020
Ethereum is up around 2% and it broke the key $210 resistance against the US Dollar. ETH price is showing positive signs and it could rise further, similar to bitcoin.

Ethereum is slowly moving into a bullish zone above the $210 pivot level.
The price traded towards the $218 level and it is currently correcting gains.
There was a break above a key bearish trend line with resistance near $207 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to remain well bid above $208 and $210 in the near term.

Ethereum Price Showing Bullish Signs
In the past few sessions, bitcoin rallied and broke the $10,000 resistance, resulting in bullish moves in Ethereum against the US Dollar. ETH price formed a strong support base above $200 and started a fresh increase.
There was a break above the key $208 and $210 resistance levels. The price even settled above the $210 level and the 100 hourly simple moving average.
During the rise, there was a break above a key bearish trend line with resistance near $207 on the hourly chart of ETH/USD. The pair gained strength above $215 and traded towards the $218 level.
Ethereum Price
It seems like Ethereum struggled to gain pace above the $218 and $220 levels. It is currently correcting lower below $215. ETH traded below the 23.6% Fib retracement level of the recent rise from the $197 swing low to $218 high.
On the downside, the previous resistance near the $210 area is likely to act as a strong support. The next major support is seen near the $208 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent rise from the $197 swing low to $218 high is also near the $207 level. Therefore, dips remain well supported and Ether price is likely to continue high above the $218 and $220 resistance levels. The next major resistance is seen near the $230 level.
Downside Extension?
If Ethereum fails to stay above the $210 and $208 support levels, it could extend its decline. The next support is seen near the $205 level.
The main support is now forming near the $198 level. if the bears succeed in clearing the $198 support zone, the price could move into a bearish zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $208
Major Resistance Level – $220
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