Ethereum Price Analysis: ETH/USD On The Journey Of Breaking Barriers, All Eyes On $220
- Ethereum sustains gains within an ascending channel after a recent breakdown to $175 support.
- The ongoing bullish pressure has encountered resistance at the 61.8% Fibo which must be broken for gains towards $220.
Ethereum has embarked on the grand journey of breaking key barriers. Following the freefall to the support at $175 two weeks ago, Ether has sustained gains above $200. This bullish action is reminiscent of Bitcoin recovery towards $10,000. The weekend session saw the price step above $210 after finding support at $205. At the time of writing, the crypto has jumped above $215 to trade at $216.
The bulls are also dealing with the resistance at the 61.8% Fibonacci level taken between the last swing high of $290.21 to a swing low of $90.05. If the resistance in this zone is overcome, ETH/USD is likely to gain momentum and take the fight to $220.
ETH/USD daily chart
Meanwhile, the technical picture shows that the bulls are in the driver’s seat. The Relative Strength Index (RSI) is moving north after stepping above the average (50). The 50-day Simple Moving Average (SMA) has crossed above the longer-term 200-day SMA. The widening gap between the two moving averages displays a stronger bullish picture.
It is essential that the bulls keep the price above $215. This will allow them to focus on breaking $220 and $230 resistance zones respectively. If a reversal is to occur from the current levels, expect support at $205, the 50% Fibo at $191, and the 200-day SMA at $175.
Ethereum Intraday Key Levels
Spot rate: $216.33
Relative change: 9.37
Percentage change: 4.53%
Trend: Bullish
Volatility: Expanding
Recent Posts
- News
Crypto ETFs Attract $1B in Fresh Capital Ahead of Expected Fed Rate Cut This Week
Crypto ETFs record nearly $1 billion in weekly inflows. This marks one of the strongest…
- News
Breaking: Michael Saylor’s Strategy Adds 390 BTC to Holdings as Bitcoin Surges Past $115k
Michael Saylor’s treasury firm Strategy has made another weekly purchase as it continues to expand…
- News
Solana, Cardano, Litecoin, Sui ETFs Delay Wipe Out Institutional Interest: CoinShares
Institutional investors' interest in altcoins has almost completely wiped out due to the delay in…
- News
Is Changpeng “CZ” Zhao Returning To Binance? Probably Not
Changpeng Zhao, aka CZ, might not return to operations at crypto exchange Binance immediately, he…
- Altcoin News
- News
Ripple-Backed Evernorth XRP Treasury’s Holdings Reach $1B Ahead of Nasdaq Listing
In a major XRP news today, Ripple-backed digital asset treasury firm Evernorth has expanded its…
- Bitcoin News
Crypto Market Rally: BTC, ETH, SOL, DOGE Jump 3-7% as US China Trade Talks Progress
Today's crypto market rally comes on the positive progress in the US-China trade talks, with…