Ethereum Price Analysis: ETH/USD bulls back down, hold above $200
|- Ethereum manages to stay above $200 support following an immediate reversal from $225.
- ETH/USD contains gains in an ascending channel as eyes glued on $220 and $230 resistance zones.
Following an incredible rally above $200, Ethereum price extended the bullish action above $225. A new April high was formed at $227, however, the price did not stay up for long as a retreat occurred almost immediately. Ether is currently trading at $209 after making a minor recovery from the newly established support at $200.
Marginally from the prevailing market value is the initial resistance at the 61.8% Fibonacci level of the last swing high at $291 to a swing low of $90.46. The existing trend is bullish and especially with the RSI holding the ground above 65, ETH/USD could easily take the fight to the short term resistance and launch another attack on $220; with an aim of tackling the seller congestion at $230.
The buyers’ position in the driver seat is still intact in spite of the correction from the highs on Thursday. ETH/USD is also trading within the confines of an ascending channel likely to continue providing support. On the upside, a break above the channel resistance would be the bulls’ ticket for the journey towards $250. Other key support areas include the 200-day SMA, $170 and 50-day SMA.
ETH/USD price chart
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