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

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.