Ethereum Price Analysis: ETH/USD bulls remain in control, aim for the elusive $215 resistance level
- William’s %R has jumped and is trending near the overbought zone. This shows that bearish correction could be expected.
- The price re-entered the $200-zone this Friday.
ETH/USD daily chart
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The bulls retained control of the market as ETH/USD went up from $207.30 to $207.50 this Saturday. The bulls remained in power from this Friday, wherein the price spiked from $198.55 to $207.20, crossing above the $200 key psychological level and the SMA 20, in the process.
William’s %R has jumped and is trending near the overbought zone. This shows that bearish correction could be expected. The bulls must overcome strong resistance levels at $215 and $223.60. The former has previously thwarted the market and prevented bullish momentum in multiple instances, as per the chart above. On the downside, healthy support levels lie at SMA 20, $199.20, SMA 50, $186.15 and SMA 200
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
