Get €3000Is Ethereum Price Heading To $220 Following Triangle Pattern Breakout?
- Ethereum breaks out of triangle resistance but hits a snag at $216.
- ETH/USD could settle in consolidation around $212 ahead of another attack on the resistance at $220.
Ethereum bulls have been keen on sustaining gains above $200 since the breakout in the previous month. ETH/USD hit highs around $227 but immediately plunged to $195. The good news is that buyers wasted no time reclaiming some of the lost ground above $200. There was, however, a struggle in clearing the resistance at $210 especially with the triangle resistance stay strongly in place.
Bitcoin (BTC) surge above $10,000 on Thursday had a slight effect on Ethereum as the price overcame a couple of key resistances; the triangle resistance and the 50 Simple Moving Average. ETH/USD managed to rise to weekly highs of $216. At the time of writing, a retreat is testing a short term support at $212.
In spite of the minor adjustment from the recent highs, Ethereum buyers have their eyes glued on breaking the seller congestion zone at $220. A sideway trading action is likely to take center stage first as the Relative Strength Index (RSI) starts to move horizontally above 50 (average). This consolidation could allow bulls to gather strength in order to take the fight to the resistance at $220, $230 and $250.
ETH/USD 4-hour chart
On the downside, apart from the support at $212, the 50 SMA will also try to stop losses in case of a reversal. $205 has functioned as a support in the past while the 100 SMA (currently at $200) is standing out as a key area of interest. Other levels keep an eye on include $195 (this week’s support), $190 as well as $170.
Ethereum Key Intraday Level
Spot rate: $212.81
Relative change: 0.26
Percentage change: 0.16%
Trend: Sideways trading
Volatility: Low
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
