Ethereum Price Bounces Off Support At $160: ETH/USD Rally To $200 Seems Imminent
- Ethereum price renews the uptrend stepping above $160 and $170 hurdles; $180 is tested but remained unconquered.
- A break above the gradually ascending channel resistance is paramount for the rally towards $200.
Ethereum price is curving a new uptrend with a gradually ascending channel. Recovery from the dip on March 12 to levels around $90 has also been steady. A period of consolidation between $140 and $120 seems to have been necessary for the ongoing bullish action above $170. The immediate upside is capped by the channel resistance and the seller congestion at $180.
At the time of writing, Ether is trading at $172. It has grown in value by 4.89% on the day. However, intraday metrics show that the prevailing trend has a bearish bias amid low volatility levels.
On the other hand, the 4-hour chart emphasizes on the bulls increasing influence over the price. For instance, Ethereum is trading above the moving averages. Moreover, the 50 SMA is increasing the gap above the longer-term 100 SMA. In addition to that, the relative strength index (RSI) has reclaimed the position above the average. If Ether bulls hold above $170 and the RSI continues to grind towards $70, the price could breakout past $180 and trend in the direction of $200.
ETH/USD 4-hour chart
Meanwhile, support is anticipated at various levels including $170, $160 and $140. In the event of extended declines, $120 and $100 will come in handy. The 50 SMA is line to offer support at $146.20 while the 100 SMA is holding the ground at $140.
Ethereum Key Intraday Levels
Spot rate: $172.90
Relative change: 8.34
Percentage change: 5.12%
Trend: Short term bearish bias
Volatility: Low
A break above the gradually ascending channel resistance is paramount for the rally towards $200.
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 Wed, 08 Apr 2020 06:02:51 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram