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Ethereum Price Prediction: ETH/USD Bulls Enjoy Huge Extension Above $220

ETH Price Prediction – February 9

The Ethereum bulls need to pull above $230 resistance level quickly so as to deny the bears the opportunity to enter and reverse the accrued gains.

ETH/USD Market

Key Levels:

Resistance levels: $250, $260, $270

Support levels: $200, $190, $180

ETHUSD – Daily Chart

Today, all digital assets in the market are posting incredible gains after what looks like a successful weekend session. In addition, ETH/USD bullish action extended above $220 resistance level and move towards a $230 level. Meanwhile, an intraday high was formed at $231.

Moreover, the current technical levels suggest that the bulls are not yet done because the longer they stay under $230 resistance level, the more they allow the sellers to regroup and force a reversal which could lead to support levels of $200, $180 and $170 respectively. For now, the trend is in the bulls’ hands as the RSI (14) is not only in the overbought region but also moving further towards the north.

Similarly, the daily chart reveals that the narrowing gap between the 21 periods EMA and the 50 periods EMA shows that ETH/USD is bullish both for the short term and the long term. So, as long the price stays above the 21 periods EMA, the bulls will remain relatively in charge and the next significant resistance is $240, which may give way for gains towards the $250, $260 and $270 resistance levels.

Against BTC, ETH has clearly experienced a slight difficulty since yesterday. Looking at the daily chart, after touching 2317 SAT, the coin recently broke under solid support at 2276 SAT and continued to fall through subsequent support level to 2213 SAT. The critical support level is 2100 SAT and below.

ETHBTC – Daily Chart

However, if the bulls continue to power the market, we may soon find the resistance level at 2400 SAT and above. At the moment, ETH/BTC is consolidating and could move in sideways on the medium-term outlook. We can expect a surge in volatility to occur as the RSI (14) is facing downward within the overbought zone.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.