Ethereum Price Analysis: Where is ETH/USD consolidation heading to?
|- Ethereum buyers acutely defend $210 support despite rejection at the $216 resistance zone.
- ETH/USD sideways trading to take center stage before another attempt is made to break $220 resistance.
Ethereum price has managed to stay above $210 amid the strong stand by the bears across the market. Bitcoin (BTC) is also unable to clear the resistance at $10,000 and has resorted to seeking refuge above $9,500. On the other hand, Ripple is settling above $0.20 after $0.21 seller zone became too strong a barrier for the bulls to break.
Meanwhile, Ethereum buyers are channeling all their efforts to defending support at $210. Besides that, Ether is trading within an ascending channel. The channel support continues to be instrumental in the recovery from March lows at $90. However, the channel resistance is also delaying a breakout towards the coveted price levels at $240 and $280 respectively. The 61.8% Fibonacci retracement level is giving buyers a hard time, marginally above the current price level.
From a technical point of view, Ethereum sideways action is likely to continue in the near term. The RSI horizontal motion puts emphasis on consolidation. Amid this consolidation we expect the bulls to become stronger in order to clear the resistance at $220, $240 and $280. Apart from $210 and the channel support, Ether would seek refuge at the confluence formed by the 100-day SMA and the 50% Fibo at $190.38, the 50-day SMA at $185, and the May low at $175.
ETH/USD daily chart
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