After a short term correction near the $185 level, the ETH price started a fresh rally against the USD. It surged higher and broke many important resistances close to $195.

The ETH price finally climbed above the main $200 resistance. Additionally, there was a close above the $200 level and the 100 hourly simple moving average (SMA). The price traded to a new 2020 high at $208 and it is currently making a downside correction.

The first major support is near the $200 and $198 levels and the 23.6% Fib retracement level of the recent uptrend from the $184 low to $208 high.

Besides, there is this formation of a major bullish trend line with support near $198 on the ETH/USD hourly chart. Therefore, a dip towards the $200 and $198 levels is a strong buying point for ETH bulls.

On the upside, the $208 and $210 levels serve as initial resistances for the bulls. A successful break above $210 might pave way for a strong rally towards the $220 level in the coming sessions. Any further increase could set the momentum for a massive rally towards the $240 and $250 levels.

The next major support is near $196 since it is close to the 50% Fib retracement level of the recent uptrend from the $184 low to $208 high. Any further losses may perhaps cause the price to drop towards the $190 support level and the 100 hourly SMA. The overall price action for ETH is very bullish, suggesting high chances of more uptrends above the $210 and $220 levels in the near term.

Technical indicators also suggest that the hourly MACD for ETH/USD is slowly reducing its bullish slope. Its hourly RSI (Relative Strength Index) is currently declining from the overbought zone and it could test 60. Major support level is at $200, whereas major resistance level is also at $208.

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