Ethereum price has risen above the $215 level, trading with a positive bias against the US Dollar and bitcoin. Could ETHUSD make further gains toward $240? What does the technical analysis reveal?
28 September, OctaFX – Ripple once again briefly overtook Ethereum as the second largest cryptocurrency by market capitalization this week, as the popular digital currency received more buying interest.
Ripple added over seventy per cent to its market capitalization last week over bullish fundamentals, with Ripple bosses announcing technology that could challenge the SWIFT payment system. Ethereum failed to make any strong gains this week but did manage to finish behind Bitcoin as the second largest cryptocurrency.
Ethereum Price Rises Above $215
During the past two sessions, there was a nice upside move above the $220 level in ETH price against the US Dollar.
The ETHUSD pair gained traction and moved above the $222 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last major downside from the $248 high to $204 low.
ETHUSD Technical Levels
- The ETHUSD pair is bearish while trading below the $215.00 level, further losses towards the $183.00 and $157.00 levels seem possible.
- If the ETHUSD pair trades above the $215.00 level, further gains towards the $240.00 and $2,555 resistance levels remains possible.
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