Ethereum Price Analysis: ETH/USD Will Surge To $240 On Februrary 13
On February 5, a powerful uptrend appeared on the Ethereum cryptocurrency market (ETH), indicating a bullish trend. Therefore, the value of the coin should grow to $ 240 by February 13th.
Key Points
- ETH/USD overcame the $ 200 barrier and fixed above this mark.
- A bullish trend has formed on the hourly chart with support around $ 200 (on the Kraken exchange data).
- ETH price has adjusted to $ 200, and a new wave of growth has begun.
This week, the Ethereum price dropped to $ 184. Then, the bulls took control of the market and began actively pumping the cryptocurrency rate, breaking through resistance at $ 195, $ 200 (average for 100 hours) and $ 210. On February 6, the coin price reached a record high for 2020 – $ 211.72 (on the Gemini Exchange data).
The main support areas are at $ 198 and $ 200. The upward movement is due to an increase in trading volume and the activation of buyers. The coin is reliably protected from losses by the key barrier of $ 196, which is located at 50% of the Fibonacci level recorded during the growth of the exchange rate from $ 184 to $ 208.
What Point Will the Ethereum Rate Rise?
Bulls will meet resistance at the nearest level – $ 210. If this barrier is broken, then the cost of ETH will rise to $ 220 in two sessions. Consolidation above $ 220 will trigger a quick uptrend, as a result of which the price of ETH will reach $ 240.
Taking into account the speed of the upward movement, we can conclude that the cryptocurrency rate will increase rapidly and will reach $ 240 until February 13. The market remains likely to drop the value of the coin to $ 200, but in this case, the price will push off the support barrier and take off to new heights. The probability of a trend change to a bearish one is extremely small, since the upward movement has been preserved since January 3.
Technical indicators:
The 4-hour MACD is in the bullish trend zone.
The 4-hour RSI is above 80 (in the negative area).
The main support level is $ 200.
The main resistance level is $ 210.
Source: en.bit.news
