Ethereum Price Analysis: ETH/USD On The Journey Of Breaking Barriers, All Eyes On $220
- Ethereum sustains gains within an ascending channel after a recent breakdown to $175 support.
- The ongoing bullish pressure has encountered resistance at the 61.8% Fibo which must be broken for gains towards $220.
Ethereum has embarked on the grand journey of breaking key barriers. Following the freefall to the support at $175 two weeks ago, Ether has sustained gains above $200. This bullish action is reminiscent of Bitcoin recovery towards $10,000. The weekend session saw the price step above $210 after finding support at $205. At the time of writing, the crypto has jumped above $215 to trade at $216.
The bulls are also dealing with the resistance at the 61.8% Fibonacci level taken between the last swing high of $290.21 to a swing low of $90.05. If the resistance in this zone is overcome, ETH/USD is likely to gain momentum and take the fight to $220.
ETH/USD daily chart
Meanwhile, the technical picture shows that the bulls are in the driver’s seat. The Relative Strength Index (RSI) is moving north after stepping above the average (50). The 50-day Simple Moving Average (SMA) has crossed above the longer-term 200-day SMA. The widening gap between the two moving averages displays a stronger bullish picture.
It is essential that the bulls keep the price above $215. This will allow them to focus on breaking $220 and $230 resistance zones respectively. If a reversal is to occur from the current levels, expect support at $205, the 50% Fibo at $191, and the 200-day SMA at $175.
Ethereum Intraday Key Levels
Spot rate: $216.33
Relative change: 9.37
Percentage change: 4.53%
Trend: Bullish
Volatility: Expanding
The ongoing bullish pressure has encountered resistance at the 61.8% Fibo which must be broken for gains towards $220.
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Mon, 18 May 2020 05:02:13 +0000
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