Yesterday, ETH price broke the $220 level and settled well above the 100 hourly simple moving average (SMA). A new 2020 high was formed around $221 and the price is currently trading nicely in a strong upside movement.

A first major pivot on the downside is close to the $217 level. It coincides with the 23.6% Fib retracement level of the recent uptrend from the $204 low to $221 high.

Notably, there is this formation of two key bullish trend lines with support near $215 and $205 on the ETH/USD hourly chart. Therefore, the ETH price is likely to remain well supported on the downside if it corrects lower from $221.

On the upside, the $222 and $225 levels are initial resistances for the bulls. A clear break above the $225 level might trigger more gains towards the $240 and $250 resistance levels.

On the downside, an initial support is formed at $215. If ETH corrects below the $215 level, there could be buy orders near the $212 level. It represents the 50% Fib retracement level of the recent uptrend from the $204 swing low to $221 high.

Any further losses may perhaps cause the price to decline towards the $205 support area. The major support is near the $200 level and the 100 hourly SMA, below which the price is likely to turn bearish in the near term.

Overall, the ETH price action is very positive and it seems like the bulls are eyeing a test of the $240-$250 resistance area in the coming sessions.

Technical indicators also suggest that the hourly MACD for ETH/USD is gaining pace in the bullish zone. Its hourly RSI (Relative Strength Index) is currently rising and it is well above the 70 level. Major support level is at $212, whereas major resistance level is also at $222.

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