Ethereum Price Bullish Pattern With The Potential To Rocket It Back to $280


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Ethereum Price Bullish Pattern With The Potential To Rocket It Back to $280

  • Ethereum price defends $220 support and grinds closer to the resistance at $230.
  • ETH/USD lags a falling wedge breakout that could propel it back to the highest levels of February 2020.

Ethereum price has recovered from a most recent dip to $220 support. The losses came after the bulls were unable to break the resistance at $235 for the second time in just four days. At the same time, the support at $230 failed to contain the gains accrued following the formidable recovery from the major support at $210.

In the meantime, ETH/USD is trading at $227 as bulls beat on the resistance at the 23.6% Fibonacci level of the last swing high at $290.44 to a swing low of $210. The bullish action on Wednesday has seen Ethereum price add over 1.5% to its value compared to Bitcoin (BTC) 0.62% and Ripple (XRP) 0.57% growth.

In addition to that, ETH/USD is teetering under the moving averages; whereby the 50 SMA on the 4-hour chart is standing in the line of growth at $230.42 and the 100 SMA at $247.86. Besides the resistance at $230 and $235, more seller congestion is expected at $240.

ETH/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Falling Wedge Pattern Breakout

The losses from the highs recorded in February have seen Ethereum price form a lower high and lower pattern, resulting in the formation of a narrowing falling wedge pattern. As recovery continues, Ethereum grinds closer to this pattern breakout, whose impact could boost the price above several key resistance levels such as $260 and $280 respectively.

For now, the RSI shows that the path of least resistance is sideways. In this case, the Ethereum price could continue trading under $230 and above the support at $220 ahead of the above breakout.

ETH/USD Key Levels

Spot rate: $227.40

Relative change: 3.00

Percentage change: 1.37%

Trend: Ranging

Support: $220 and $210

Resistance: $230, $235 and $240.

 

 

 

 

Author: John Isige
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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John Isige 707 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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