ETH/USD Bullish Interest Returns, eyes on $220

COINBASE:ETHUSD   Ethereum / U.S. Dollar
  • Ethereum price launches a fresh a breakout to $220 after reclaiming support above $200.
  • ETH/USD bulls mist target to break the short term descending channel resistance for a smoother rise to $220 and $230 levels.
Following the dip on Monday to the support at $195, Ethereum bulls made a comeback, sending the price above $200. Since the position at the vital $200 level was reclaimed, Ethereum has continued to strengthen its bullish case towards $220. The resistance at $210 has been a hard nut to crack but ETH/USD has managed to post intraday highs above $212.
At the time of trading, Ether is exchanging hands at $209 after surging only 1.17% on the day. The cryptoasset’s immediate upside is capped by the 100 Simple Moving Average ( SMA ) in the hourly range. The intraday high is now the next resistance target likely to stand in the way of the recovery to $220. Meanwhile, the Relative Strength Index ( RSI )’s recovery above 50 (average) hints that Ethereum is now at the edge of a bullish breakout.

Besides the resistance at $210, $212 and $220, Ethereum buyers must prepare to tackle the descending channel resistance. A break above this key hurdle, could be the key for impressive gains to levels at $230 and open the way for gains towards $250.
On the downside, initial support is established at the 50 SMA , holding the ground at $207.32. The critical $200 level could also function as support but the key area of interest in the previous day support at $195. Other levels of interest include $190 and $170 respectively.
Ethereum Intraday Key Levels
Spot rate: $209.64
Relative change: 2.73
Percentage change: 1.17%
Trend: Bullish
Volatility: High


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