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.

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 price	226.07
Today Daily Change	-2.53
Today Daily Change %	-1.11
Today daily open	228.6

Trends
Daily SMA20	185.74
Daily SMA50	159.61
Daily SMA100	159.98
Daily SMA200	175.6

Levels
Previous Daily High	230.59
Previous Daily Low	222.99
Previous Weekly High	224.35
Previous Weekly Low	179.06
Previous Monthly High	186.73
Previous Monthly Low	125.81
Daily Fibonacci 38.2%	227.69
Daily Fibonacci 61.8%	225.89
Daily Pivot Point S1	224.2
Daily Pivot Point S2	219.8
Daily Pivot Point S3	216.6
Daily Pivot Point R1	231.8
Daily Pivot Point R2	234.99
Daily Pivot Point R3	239.4

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