Ethereum trend remains bullish
07 Feb 2020
The price of Ethereum has gained over 10% and broken the key $200 resistance against the U.S. dollar.
The cryptocurrency even topped $220 and will likely continue to move higher, according to a report by News BTC.
There has been a strong start to an upward rally in Ethereum this week, moving above the $195 resistance against the U.S. Dollar. As such, the price of Ethereum rose above the $200 and $205 resistance levels.
In addition, ETH recently surpassed the $220 point, settling well over the 100 hourly simple moving average. A 2020 high is formed close to $221, with the price trading on a robust upward trend at the time of writing.
The report adds that the initial support on the downside is close to the $217 mark, coinciding with the 23.6% Fib retracement level of the recent rally from the low of $204 to the high of $221.
In addition, News BTC reported early on Friday there were two major bullish trends forming with support near $215 and $205. Consequently, Ethereum will likely still have strong support on the downside if it corrects lower from $221.
According to renowned cryptocurrency trader, Michael Van De Poppe, Ethereum is likely aiming “for a possible new higher high” over the next few months, highlighting a positive chart analysis outlook for the most prominent altcoin, reports Ethereum World News.
Other crypto analysts have noted that because Ethereum has recently broken above the downward trend, coupled with positive fundamentals, the digital currency will likely surge higher.
The overall trend is indeed highly positive, and it would appear the bulls are looking out for a $240-$250 resistance area in the upcoming sessions.