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
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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
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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.
Author
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
