Ethereum Price Analysis: Bullish Above $200, Next Target $240

Ethereum price surged higher and broke the key $178 resistance area against the US Dollar.ETH even cleared the $200 resistance level, opening the doors for more gains.There was a break above a couple of bullish breakout patterns near $176 and $203 on the 4-hours chart (data feed from Coinbase).The price could continue to move higher towards the $220, $225 and $240 levels in the near term.Ethereum Price AnalysisThis past week, Ethereum price started a fresh rally above the $178 and $180 resistances against the US Dollar. The ETH/USD pair gained bullish momentum above $180 and the 55 simple moving average (4-hours). The pair surged more than 15% and broke the $185 and $194 resistance levels. Finally, there was a clear break above the $200 barrier. Recently, bitcoin price gained heavily above $7,500, opening the doors for solid gains in ETH.During the recent rise, there was a break above a couple…

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