Ethereum is trading steadily amid the larger crypto market after traders battled to surpass the barrier of $185.00. ETH/USD shifts hands at $183.25 at the time of posting. The second-largest crypto hit the $184.41 intraday high but was unable to continue with the progress. Following the pause, it has been 5.9 percent higher since the beginning of the day and has improved positively daily. ETH/USD is currently moving in a short-term bullish trend with surging volatility to the top at $200-level price target. Vitalik Butterin, the co-founder of Ethereum, tweeted news of the latest Testnet en route Ethereum 2.0 launch which received emphatic cheers as the Topaz Testnet configuration hits nearly 20,000 validators. The publicity all over the launch of the Ethereum 2.0 Testnet is motivated in terms of market capitalization with its market-changing potential on Ethereum.
*ETH/USD is currently moving in a short-term bullish trend with surging volatility to the top at $200-level price target
*ETH hits the $184.41 intraday high but was unable to continue with the progress
*Topaz configuration Testnet hits nearly 20,000 validators
Key Levels
Resistance Levels: $210, $200, $190
Support Levels: $166, $160, $155
ETH/USD Daily Chart
Ethereum swings within a near-term bullish trend and the upside pressure is gaining ground as the price breaks beyond the critical resistance posed by daily MA 200 (currently at $172.00). The next strong technical barrier sits at a $190.00 mental level. When it’s out of the path, the upside may probably gain traction at $200 with the next target on the daily horizontal line of resistance. This zone of resistance prevents ETH/USD from a significant rebound past the level of $200.00.
On the contrary, a drop beneath MA 200 at $172.0 level might intensify the price swings and bring the price down to Monday’s low at the near-term low level of $166.40. Nevertheless, the upward trendline from March 13 low level bolsters this support, suggesting the bears could have a tough time getting the price underneath this level.
ETH/USD 4-Hour Chart
ETH/USD dip-buyers joined along with the current level in expectation of another cryptocurrency rally against the level of $200.00. At this level, the short-term bullish potential for ETH/USD may be nullified by a loss of the $160.00 level as price stays strong from the $174.52 to $190 level range, ahead of the $200 level retest.
Price activity broke from a bullish pennant formation to the upside, prompting a sudden burst of buying pressure, as seen just ahead in the 4-hour supply range. The ETH/USD pair may only be bullish when traded beyond the level of $174.52, its near-term resistance is seen at the levels of $185.00 and $190.00. Only when the ETHUSD pair drops beneath the level of $174.52, then sellers may take advantage of the support levels of $160.00 and $155.00.
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