- 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
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%
Trend: Strongly bullish