Ethereum Price Analysis: Why ETH/USD breakout to $220 unstoppable?

The cryptocurrency market is mixed red and green in the wake of Bitcoin’s surge past $10,000. Ethereum tried to follow in the footsteps of the granddaddy of the digital market but its margin of gains has been limited this time around. ETH/USD is dancing at $213 after retreating from highs around $216.

In spite of the minor retreat from the intraday highs, Ethereum’s break above a falling wedge pattern resistance suggests that the path to $220 is clear. Besides, the RSI is above the average (50) and still pointing upwards in a bid to display a stronger bullish grip.

The opening value at $212 is currently the immediate support. ETH/USD will find additional support at the 50 SMA ($210) in the 4-hour range in the event declines extend. The critical level at $200 (100 SMA) is also in line to offer support. For now, the biggest task is to hold Ethereum above $212 and keep the focus on $220.

Ethereum intraday levels

Spot rate: $213.87

Relative change: 1.53

Percentage change: 0.67%

Low: $212.17

High: $216.93

Trend: Bearish (short term bias)

Volatility: Low

ETH/USD 4-hour chart