Ethereum Price Analysis: ETH/USD rockets above $200, $220 level now in sight

Ethereum price has made a remarkable recovery spiking above the critical $200. This is the highest the crypto has traded since the Coronavirus-triggered crypto crash in mid-March. At the time of writing, ETH/USD is exchanging hands at $205, although there has been a minor adjustment from an intraday high of $207.

Bulls are likely to be seeking support above $200 – a move that will allow them to shift the focus to higher levels at $300 as discussed in the earlier published price analysis. Bitcoin has also started moving higher, its main focus is to step above $8,000 ahead of the halving in May. Ripple broke above the key $0.20 level on Tuesday and tested the next hurdle at $0.22 on Wednesday.

Ethereum price technical picture

The Relative Strength Index has pushed the recovery from the mid-March crash higher, although it is yet to enter the overbought region. In other words, Ethereum is not yet overbought and still has ample room for growth. The Elliot Wave Oscillator has recorded a fairly continuous bullish session started on April 16. Ether is strongly in hands of the buyers, besides volatility is expected to grow during the European and American sessions.

The critical level at $200 is now in the rearview. Bulls have also shifted their focus to $220 and $250 key levels. Meanwhile, the resistance at $210 must be tackled and support established in the range between $200 and $205.

ETH/USD daily chart