Ethereum Price Analysis: How ETH/USD Falling Wedge Break Could Take On $228?

27 May, 2020 Updated 21 Jul, 2022

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Ethereum price spike above the falling wedge pattern resistance stalls at $205 but targets $228.
ETH/USD is gradually turning bullish in the European session after a drab Asian session.

Ethereum has remained stable above $200 in the last 24 hours. After last week’s crash which tested $190 support level, bulls became alert and have been working tooth and nail to sustain the uptrend. On Monday and Tuesday, recovery stalled short of $205 (current stubborn resistance). Ether has a market value of $203 at the time of writing. Buyers are focusing on breaking the week’s hurdle at $205; a move that is expected to place the price in trajectory to $228 (April high).

What Next After The Falling Wedge Pattern Breakout

A falling wedge pattern is used in technical analysis to signal a bullish movement following an extended bearish trend. In this case, the hourly chart clearly shows a breakout above the pattern. However, with sellers congested at $205, Ethereum bulls need to work extra hard to increase the volume for a significant movement north.

Ethereum Price Technical Analysis

From a technical point of view, Ether is comfortably in the hands of the bulls. The Moving Average Convergence Divergence (MACD) is about to cross into the positive region. This move could attract more and more buyers to come into the market. With increased volume and a technical breakout, the journey to $228 will be relatively smooth.

ETH/USD 1-hour chart

For now the price is trading between the support and resistance of the moving averages. The 50 SMA is in line to provide support. On the upside, the 100 SMA is standing in the way of action at $204.50. Apart from the support at $200, other areas of interest to the bulls include $195, $190, and $175.

Ethereum Intraday Levels

Spot rate: $204

Relative change: 3.11

Percentage change: 1.55%

Trend: Bullish

Volatility: Expanding

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.