Ethereum Price Lift Off To $200 Depends On This One Technicality

Ethereum-ETH
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Ethereum Price Lift Off To $200 Depends On This One Technicality

  • Ethereum proves that it has the potential to rise to $200 despite retreat to $170 support.
  • The ascending channel resistance must be overcome for ETH/USD to confidently take on $200 resistance and focus on $300.

Ethereum bulls have continued to outperform themselves in April in spite of the Coronavirus-related volatility. Following the plunge in March to lows at $90, Ether bulls have been keen on pulling the price to the levels seen in February above $280. However, the rise has not been smooth and investors have had to endure several rollercoaster rides such as the last week’s surge to $191 following by a breakdown to $170 on Monday this week.

At the time of writing, Ethereum has already recovered above $180 and even achieved intraday highs of $187.54 (second resistance in line after $185). The price is flirting with $183 amid a bullish trend that is still building and expanding volatility.

Looking at the 4-hour chart, Ethereum is above the moving averages, whereby the 50 SMA at $173.44 and the 50 SMA at $168.11 are standing in line to offer support in the event of a reversal. On the other hand, the widening gap between the 50 SMA and the longer term 100 SMA hints that bullish influence is rising.

ETH/USD 4-hour chart

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

At the same time, Ethereum is trading within a key ascending channel. The support from the channel has been key to the continued uptrend in the wake of the crash to $90 on March 12. On the upside, the channel resistance is giving the bulls a hard time. However, it is clear that if overcome, Ether could smoothly said above $200, once again refreshing the desire to climb higher levels such as $300.

Ethereum Intraday Key Levels

Spot rate: $183.39

Relative change: 0.26

Percentage change: 0.14%

Trend: Bullish

Volatility: Expanding

 

 

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Ethereum Price Lift Off To $200 Depends On This One Technically
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Ethereum Price Lift Off To $200 Depends On This One Technically
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Ethereum proves that it has the potential to rise to $200 despite retreat to $170 support. The ascending channel resistance must be overcome for ETH/USD to confidently take on $200 resistance and focus on $300.
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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 611 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
Follow John @