Ethereum Price Analysis: ETH/USD Sustains Ascending Channel, Poised For Run-Up To $230

By John Isige
Published May 1, 2020 Updated May 1, 2020
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Ethereum Price Analysis: ETH/USD Sustains Ascending Channel, Poised For Run-Up To $230

By John Isige
Published May 1, 2020 Updated May 1, 2020
  • Ethereum price defends support at $200 and renews uptrend towards $230.
  • An ascending channel contains price action while the bulls deal with the resistance at the 61.8% Fibo.

The cryptocurrency market has remained bullish despite a reversal from the new April highs. Particularly, Ethereum took a breather from the bearish price action on finding support above $200. Meanwhile, bulls are once again gaining traction against the sellers as they battle the immediate resistance at the 61.8% Fibo taken between the last swing high at $290 to a swing low at $90. The main focus is to resume the uptrend above $230 and tackle the resistance at $230 over the weekend session.

Meanwhile, Ethereum is trading at $214 after adding more than 4% to its value on the day. The Relative Strength Index (RSI) is moving towards the overbought region again. Although its recovery has been gradual, Ethereum remains strongly in the hands of the bulls. Moreover, the price is trading within an ascending channel, likely to confirm the surge to $250 once the resistance at $225 is in the rearview.

As far as support is concerned, bulls will find refuge at $200, the 50% Fibo at $190, the 200-day SMA at $172.76, and 50-day SMA at $156.32. For now, bullish interest keeps growing and buyers could continue to dictate the direction the price will take. Gains above the 61.8% Fibo are likely to extend to $220 in the near term.

ETH/USD daily chart

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

Ethereum Intraday Key Levels

Spot rate: $214

Relative change: 6.61

Percentage change: 3.23%

Trend: Bullish

Volatility: Expanding

 

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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
1164 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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