Ethereum Price And Bitcoin Price Side By Side Step Into Green: ETH/USD Eyes $220
- Ethereum price settles above the 50 SMA after recovery from the slide to the $190 support area.
- ETH/USD looks forward to a symmetrical triangle breakout with prospects of beating 2019’s high at $360.
Ethereum price extended the bearish action under $200 on Monday. The cryptoasset tested the support at $190. However, the price did not stay long at the $190 support as buyers swept in to buy low, pushing ETH/USD above $200. Bitcoin is also slightly in the green and seems to be settling above $97,900. Upward movements have been capped under $8,000 despite the recovery from the recent low at $7,650.
At the time of writing, Ethereum price is doddering at $202.18 amid a building bullish momentum. The immediate downside is protected by the 50 SMA in the weekly range. As long as the price stays above the 50 SMA weekly, ETH/USD is likely to remain bullish as the push for a reversal above $220 continues. Farther down, the 21 SMA at $179.65 is in line to stop losses aiming for lower levels beyond $180.
ETH/USD weekly chart
Looking at the Relative Strength Index, Ethereum is likely to settle in a sideways trading action above $200. On the upside, the region at $210 will remain of high interest to the sellers because correction above $220 is likely to improve Ether’s sentiments among investors and eventually pave the way for gains above $250.
The weekly chart also shows Ethereum trading within a symmetrical triangle. Recovery from the current dip has the potential of rising above the triangle resistance. A triangle breakout, coupled with immense bullish volume would increase ETH/USD prospects of rising above 2019’s high at $360 and advancing to levels above $400.
Ethereum Key Levels
Spot rate: $202.18
Relative change: -1.20
Percentage change: -0.59
Support one: $200
Support two: $190
Resistance one: $210
Resistance: $220
ETH/USD looks forward to a symmetrical triangle breakout with prospects of beating 2019’s high at $360.
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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 Tue, 10 Mar 2020 06:19:45 +0000
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