- Ethereum price compelling move past $200 was the key to the surge to $220 resistance zone.
- Increased interest in Ether and technical support could ignore overbought conditions as buyers focus on $230 and $250 levels.
Ethereum is arguably the most improved cryptocurrency among the major coins following the free-fall experienced in mid-March. As the bulls desired, ETH/USD is finishing the month on a bullish note, contrary to the picture on April 1. In the last 30 days, Ethereum has grown by over 40%. Although the step above $200 did not come easy, its aftermath has been exceptionally yielding for Ether.
At the time of trading, Ethereum is trading at $217 amid growing attempts to tackle the seller congestion at $220. The price is holding onto support offered by the 61.8% Fibonacci retracement level of the last swing high at $291.29 to a swing low at $91.36. ETH/USD has widened the gap above the moving averages whereby the 200-day SMA and the 50-day SMA have been left to function as support lines at $187.35 and $154.91 respectively.
From a technical perspective, ETH/USD is poised to make movements above $220. The bullish action is supported by the RSI uptrend and the entrance into the overbought region. As long as buying pressure remains at its peak, overbought conditions can be ignored as buyers focus on $230 and $250 levels respectively. However, it is also vital to watch for changes in volume, the retreat of the RSI, and the behavior of the moving averages as these indicators could signal a reversal.
ETH/USD daily chart
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