- 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
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%