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.
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.
Spot rate: $216.33
Relative change: 9.37
Percentage change: 4.53%
Trend: Bullish
Volatility: Expanding
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