Ethereum Price Analysis: ETH/USD Sustains Ascending Channel, Poised For Run-Up To $230
- Ethereum price defends support at $200 and renews uptrend towards $230.
- An ascending channel contains price action while the bulls deal with the resistance at the 61.8% Fibo.
The cryptocurrency market has remained bullish despite a reversal from the new April highs. Particularly, Ethereum took a breather from the bearish price action on finding support above $200. Meanwhile, bulls are once again gaining traction against the sellers as they battle the immediate resistance at the 61.8% Fibo taken between the last swing high at $290 to a swing low at $90. The main focus is to resume the uptrend above $230 and tackle the resistance at $230 over the weekend session.
Meanwhile, Ethereum is trading at $214 after adding more than 4% to its value on the day. The Relative Strength Index (RSI) is moving towards the overbought region again. Although its recovery has been gradual, Ethereum remains strongly in the hands of the bulls. Moreover, the price is trading within an ascending channel, likely to confirm the surge to $250 once the resistance at $225 is in the rearview.
As far as support is concerned, bulls will find refuge at $200, the 50% Fibo at $190, the 200-day SMA at $172.76, and 50-day SMA at $156.32. For now, bullish interest keeps growing and buyers could continue to dictate the direction the price will take. Gains above the 61.8% Fibo are likely to extend to $220 in the near term.
ETH/USD daily chart
Ethereum Intraday Key Levels
Spot rate: $214
Relative change: 6.61
Percentage change: 3.23%
Trend: Bullish
Volatility: Expanding
An ascending channel contains price action while the bulls deal with the resistance at the 61.8% Fibo.
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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 Fri, 01 May 2020 06:40:31 +0000
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