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Ethereum Price Analysis: ETH/USD bulls have room to drive price back into $200 territory

Ethereum price is trading in the red by -0.80% in the session on Wednesday.
The bulls pressed for a big double-digit rally on Tuesday, breaking out of a bearish trend structure.
In terms of upside targets, the door has been left open for a return into $200.

Ken Chigbo Independent Analyst

ETH/USD weekly chart

The current weekly candle is on course for its best performance since the week commencing 20 September. Bulls are running towards the fourth consecutive in the green.

ETH/USD daily chart

Price action since June 2019 had been stuck within the market structure of producing lower highs and lower lows. However, the bulls in the session of Tuesday broke above the prior lower high, effectively voiding the structure.

Spot rate: 164.33

Relative change: -0.85%

High: 171.67

Low: 143.50

ETH/USD

Overview
Today last price	164.38
Today Daily Change	-1.34
Today Daily Change %	-0.81
Today daily open	165.72

Trends
Daily SMA20	137.24
Daily SMA50	139.84
Daily SMA100	159.21
Daily SMA200	187.87

Levels
Previous Daily High	170.43
Previous Daily Low	143.51
Previous Weekly High	147.96
Previous Weekly Low	134.2
Previous Monthly High	153.16
Previous Monthly Low	116.41
Daily Fibonacci 38.2%	160.14
Daily Fibonacci 61.8%	153.79
Daily Pivot Point S1	149.34
Daily Pivot Point S2	132.96
Daily Pivot Point S3	122.42
Daily Pivot Point R1	176.26
Daily Pivot Point R2	186.8
Daily Pivot Point R3	203.18

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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ETH/USD weekly chart

ETH/USD daily chart

ETH/USD

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