Ethereum is trading against the US Dollar in a bullish zone above the $195 mark. Most likely, ETH has cleared the $200 resistance for a run to level $220.

Price is Likely to Rally Further

Ethereum price has stayed in a large range over the $190 mark against the US dollar in the last few sessions. ETH bears have made a few attempts to drive the price below the support rates of $190 and $188 but they have failed.

Before the price regained bullish momentum, the last swing low was established around $188. It climbed back above the level of $190 and the moving average of 100 hourly easy. The bulls should clear the $195 hurdle for a reversal of the pattern.

In addition, the ETH / USD hourly chart had a break above a major contracting triangle with resistance around $197. The pair also surpassed the downward movement’s 76.4 percent Fib retracement point from the $200 high swing to $188 low.

Ethereum is now trading over the resistance of $200 and seeking an upside break. The price would likely go higher if the bulls gain power. Immediate support is close to the $208 mark, as it is close to the downward movement of the 1.236 Fib extension stage from the $200 drop high to $188 low.

Any additional gains above $208 could in the near term lead the market towards the next main resistance close to the $220 mark. Maybe an intermediate resistance for Ether could be $212.

Supported Dips

If Ethereum now continues to struggle close to the $200 limit, a downside correction may be likely. Initial support is close to the point of $195, and the lower trend line of the triangle.

The next major help is near the point of $193 and the SMA 100 hourly. The bears need a strong break below the $190 and $188 support levels to begin a sustained decline.