Ethereum Price Analysis: As ETH/USD Bullish Interest Returns, $220 Achievable In the Short Term?

By John Isige
Published May 5, 2020 Updated May 5, 2020
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ETH/USD price chart
ETH/USD price chart by Tradingview

Ethereum Price Analysis: As ETH/USD Bullish Interest Returns, $220 Achievable In the Short Term?

By John Isige
Published May 5, 2020 Updated May 5, 2020
  • Ethereum price launches a fresh a breakout to $220 after reclaiming support above $200.
  • ETH/USD bulls mist target to break the short term descending channel resistance for a smoother rise to $220 and $230 levels.

Following the dip on Monday to the support at $195, Ethereum bulls made a comeback, sending the price above $200. Since the position at the vital $200 level was reclaimed, Ethereum has continued to strengthen its bullish case towards $220. The resistance at $210 has been a hard nut to crack but ETH/USD has managed to post intraday highs above $212.

At the time of trading, Ether is exchanging hands at $209 after surging only 1.17% on the day. The cryptoasset’s immediate upside is capped by the 100 Simple Moving Average (SMA) in the hourly range. The intraday high is now the next resistance target likely to stand in the way of the recovery to $220. Meanwhile, the Relative Strength Index (RSI)’s recovery above 50 (average) hints that Ethereum is now at the edge of a bullish breakout.

ETH/USD hourly chart

ETH/USD price chart
ETH/USD price chart by Tradingview

Besides the resistance at $210, $212 and $220, Ethereum buyers must prepare to tackle the descending channel resistance. A break above this key hurdle, could be the key for impressive gains to levels at $230 and open the way for gains towards $250.

On the downside, initial support is established at the 50 SMA, holding the ground at $207.32. The critical $200 level could also function as support but the key area of interest in the previous day support at $195. Other levels of interest include $190 and $170 respectively.

Ethereum Intraday Key Levels

Spot rate: $209.64

Relative change: 2.73

Percentage change: 1.17%

Trend: Bullish

Volatility: High

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1154 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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