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Ethereum Price Analysis: ETH/USD targets new 2020 highs towards $360

  • Ethereum conquers the resistance at $220 but settles under $230 in a bullish action-filled weekend session.
  • Ethereum is likely to take a breather under $230 but above support at $220 in wait for the next leg above $240.
Ethereum Price Analysis: ETH/USD targets new 2020 highs towards $360
John IsigeJohn IsigeFXStreet

Spot rate: $225

Relative change: -3

Percentage change: 1.36%

Trend: Bearish bias (short term)

Volatility: Expanding

ETH/USD daily chart

After rising and settling above the 200-day SMA, Ethereum is facing acute resistance at $230. If the resistance is cleared, the action could turn the market strongly bullish and open the road for gains towards $360.

Ethereum is likely to hold on to the support at $225 and $220 until the course is clear for another attack on $230 and $240. Trend signals from indicators such as the RSI, volume and momentum indicators could help foretell the future price action.

ETH/USD 1-hour chart

Short term analysis has a bearish bias based on the RSI’s downward dip below the average (50).

As long as the 100 SMA support holds the ground, the potential for upward will continue to grow.

ETH/USD

Overview
Today last price226.07
Today Daily Change-2.53
Today Daily Change %-1.11
Today daily open228.6
 
Trends
Daily SMA20185.74
Daily SMA50159.61
Daily SMA100159.98
Daily SMA200175.6
 
Levels
Previous Daily High230.59
Previous Daily Low222.99
Previous Weekly High224.35
Previous Weekly Low179.06
Previous Monthly High186.73
Previous Monthly Low125.81
Daily Fibonacci 38.2%227.69
Daily Fibonacci 61.8%225.89
Daily Pivot Point S1224.2
Daily Pivot Point S2219.8
Daily Pivot Point S3216.6
Daily Pivot Point R1231.8
Daily Pivot Point R2234.99
Daily Pivot Point R3239.4

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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