Ethereum Price Above $200 Since March Crash: Just How Far Can This Uptrend Go?


ETH Price Analysis
Image: Forbes

Ethereum Price Above $200 Since March Crash: Just How Far Can This Uptrend Go?

  • Ethereum price rockets above $200 as volatility returns to the crypto market.
  • Breaking the rising wedge pattern resistance could place ETH/USD in a trajectory targeting $220 and $250.

Ethereum price has majestically extended the bullish action above the coveted $200 level following a consolidation above the support at $192. The price action follows last week’s recovery from another support at $170. At the moment, Ether is value at $206 amid a building bullish momentum. The volatility is expected to continue in the course of the European session. It is apparent that buyer are now shifting their attention on higher levels at $220 and $250 respectively.

Can Ethereum Ignore The Rising Wedge Pattern

On the upside, Ethereum is battling a rising wedge pattern resistance. It is clear that that the break above $200 is key for higher price action. However, if the wedge resistance is not broken, ETH/USD could back down into a reversal. For now the engulfing candle is still strong enough to battle the pattern resistance.

ETH/USD daily chart

ETH/USD price chart by Tradingview 

Technical indicators such as the RSI and the MACD are in support of the buyer position in the market. The RSI is almost entering the oversold region while the MACD has crossed above the mean line. Before the RSI hits overbought conditions, Ethereum bulls would have already extended price action above $210 resistance. Increased trading volume and a supporting technical picture are key ingredients for the expected rally targeting $220 and $250.

Ethereum Intraday Key Levels

Spot rate: $206

Relative change: 9.58

Percentage change: 4.87%

Volume: Increasing

Trend: Strongly bullish

Author: John Isige
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
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John Isige 747 Articles
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
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