Ethereum Price Analysis: ETH/USD unrelenting bulls set eyes on $300
|- Ethereum price remains stable above $190 despite the resistance faced at $200.
- Volatility expected due to Bitcoin halving could spark interest in Ethereum and other cryptos, pulling Ether towards $300.
Ethereum price has in the past 48 hours sustained gains above $190. On the upside, recovery has been limited at $200. Meanwhile, Ether is dancing at $197 and dealing with increasing selling pressure. The rest of the cryptocurrency market is also fighting tooth and nail to keep bears at bay while holding onto the gains accrued in the last week.
The sideways price action Ethereum is experiencing is supported by an RSI that is horizontal at 65. Despite the recovery from mid-March lows, the indicator has not been able to reach the overbought condition. Therefore, ETH/USD still has enough room for growth before an overbought reversal occurs.
Ethereum is also trading above key moving averages. The breakout to $200 is likely to have occurred following a step above the 50-day SMA. In case of a reversal price action, ETH/USD will seek refuge at $187.27 (200-day SMA) and the $154.46 (50-day SMA).
On the other hand, if Ethereum majestically rises above the rising wedge pattern while clearing the resistance at $200, lift-off towards $300 could be a possibility, especially with volatility surrounding Bitcoin halving in May.
ETH/USD daily chart
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