- Ethereum sustains gains within an after a recent breakdown to $175 support.
- The ongoing pressure has encountered resistance at the 61.8% Fibo which must be broken for gains towards $220.
The bulls are also dealing with the resistance at the 61.8% Fibonacci level taken between the last swing high of $290.21 to a swing low of $90. 05 . If the resistance in this zone is overcome, ETH/USD is likely to gain momentum and take the fight to $220.
Meanwhile, the technical picture shows that the bulls are in the driver’s seat. The ( ) is moving north after stepping above the average (50). The 50-day ( ) has crossed above the longer-term 200-day . The widening gap between the two moving averages displays a stronger picture.
It is essential that the bulls keep the price above $215. This will allow them to focus on breaking $220 and $230 resistance zones respectively. If a reversal is to occur from the current levels, expect support at $205, the 50% Fibo at $191, and the 200-day at $175.
Ethereum Intraday Key Levels
Spot rate: $216.33
Relative change: 9.37
Percentage change: 4.53%