Ethereum Price Analysis: ETH/USD targets new 2020 highs towards $360
|- Ethereum conquers the resistance at $220 but settles under $230 in a bullish action-filled weekend session.
- Ethereum is likely to take a breather under $230 but above support at $220 in wait for the next leg above $240.
Spot rate: $225
Relative change: -3
Percentage change: 1.36%
Trend: Bearish bias (short term)
Volatility: Expanding
ETH/USD daily chart
After rising and settling above the 200-day SMA, Ethereum is facing acute resistance at $230. If the resistance is cleared, the action could turn the market strongly bullish and open the road for gains towards $360.
Ethereum is likely to hold on to the support at $225 and $220 until the course is clear for another attack on $230 and $240. Trend signals from indicators such as the RSI, volume and momentum indicators could help foretell the future price action.
ETH/USD 1-hour chart
Short term analysis has a bearish bias based on the RSI’s downward dip below the average (50).
As long as the 100 SMA support holds the ground, the potential for upward will continue to grow.
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