RATE Group | Ethereum Breaking This Single Level Will Spark a Parabolic Rally
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Ethereum Breaking This Single Level Will Spark a Parabolic Rally

24 Apr Ethereum Breaking This Single Level Will Spark a Parabolic Rally

Posted at 06:40h in Bitcoin News by

Ethereum is gaining bullish momentum above $185 against the US Dollar. ETH is following bitcoin and it is likely to start a parabolic rally if it clears the $200 resistance.

  • Ethereum is trading in a strong uptrend above the $182 and $178 support levels.
  • The price is likely to surpass the $195 and $200 resistance levels in the near term.
  • There is a key bullish trend line forming with support near $184 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The bulls are likely to aim a larger rally towards $250 if there is a daily close above $200.

Ethereum Price Gaining Bullish Momentum

Yesterday, we discussed the chances of a larger rally in Ethereum above $180 against the US Dollar. ETH price corrected a few points, but it remained well supported above the $175 support area.

The price followed a bullish path above the $180 level and the 100 hourly simple moving average. It surpassed the $188 resistance area and traded to a new weekly high near $193.

Recently, there was a downside…

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