Ethereum Price Recoils From $90 As Bulls Target $150 In The Next Upswing

Published March 13, 2020 | Updated March 13, 2020

Ethereum ETH

Ethereum Price Recoils From $90 As Bulls Target $150 In The Next Upswing

  • Ethereum bows to market volatility almost testing 2018 lows at $80.
  • Bulls refuse to stay hibernated, pushing ETH/USD price towards $150.

Ethereum is among the cryptocurrencies that have taken the worst-hit in the ongoing crash; from trading highs of $284 in February to intraday lows of $90 (on Coinbase). The freefall has been devastating for the investors. Besides, there are very weak signs that the panic selloff is over despite the recovery to levels close to $150.

At the time of writing, ETH/USD is exchanging hands at $118 amid heightened volatility. It is extremely difficult to technically predict how the market will react in the short term let alone the long term.

ETH/USD daily chart

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

However, looking at the daily chart, I can tell that the bulls are back and most of them are tired of being forced into hibernation. The Relative Strength Index (RSI) shows a visible recovery from the lows at 22.41. Although the indicator is still under 30, the upward slopping motion doubles down on the gradually improving short term technical picture.

As far as support is concerned, Ethereum is well supported at $100. The dive under $100 bounced off the $90 level, making it another key support area. The 2018 low at $80 will also come in handy to stop the paralyzing losses.

On the upside, $120 is the immediate resistance zone. Ethereum price had broken above it earlier, during the surge to $148.34. Trading above $120 could pave the way for more gains above $130 as bulls focus on attacking the sloth of bears at $150.

Ethereum Key Levels

Spot rate: $118

Relative change: $8.40

Percentage change: 7.61%

Trend: Short term bullish bias

Volatility: High

 

Disclaimer
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 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
John Isige 983 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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