Ethereum has continually been increasing over the past week. After a short-term correction at the $185 mark, Ethereum increased against the US Dollar, with prices breaking past the $200 barrier.
A bullish trend line is forming with support at around $198 on the hourly chart of ETH/USD, which may result in a strong buying interest if dips at the $198 and $200 levels continue.
On the other hand, if the bulls manage a successful break above the $210 level, it may begin a strong trend towards the $220 level. Adding to that, any more gains could set a sharp momentum towards the $240 and $240 range.
Key support levels for the bulls are $198 and $200, with the next important level nearing $196, since it’s near the 50% Fib retracement rate of the wave from the $184 swing low to $208 high.
Further losses may possibly lead to $190 Ethereum prices and the 100 hourly simple moving average. At the end of the day, the price actions are bullish, which hints at more upsides above levels of $210 and $220.