Ethereum Price Analysis: ETH/USD hist new high of 2020, SMA200 weekly in sight
- Ethereum has resumed a strong growth amid global recovery on the vryptocurrency market.
- A sustainable move above $200.00 opens up the way towards SMA200 weekly.
Ethereum (ETH) tested new of $223.39 during earlu European hours and retreated to $221.8 by press time. The coin has gained over 5% and 4% since the beginning of Thursday. ETH/USD has been growing rapidly amid the recovery on the cryptocurrency market.
ETH/USD: Technical picture is favorable for long-term bulls
From the technical point of view, ETH/USD settled well above SMA50 weekly at $188.59, which is a strong bullish signal in the long run. Moreover, a sustainable move above $200.00 also improved the technical picture andhelped to build upside momentum. The next resistance is seen at $238.50. It is created by SMA200 weekly. A sustainable move above this barrier will lead to a sharp growth towards $250.00.
On the downside, if ETH/USD returns to the area below $200.00 the bearish correction may gain traction and push the price towards SMA50 weekly ($188.59). Once below, the sell-off may gain traction towards the next important support created by SMA200 daily at $173.70. This area is likely to stop the bears and trigger the recovery.
The daily RSI stays on the overbought territory, though, there are no signs of the reversal as of yet. On a weekly chart, RSI points upwards. It is still in the neutral position, which means that the coin is poised for growth in the long run.
ETH/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
