- Ethereum sustains gains above $220 while staring towards $240 resistance.
- Ethereum bulls have the upper hand and are likely to propel ETH/USD to $300.
The bulls are back on a mission following a devastating month of July. Ethereum revived the trend from lows under $200 to the current market value of $228.35. However, prior to the uptrend, a low formed at $190.05 (Fibonacci swing low). The mundane lock-step trading stuck in a pivotal motion around $200. The upside, in this case, barricaded by the 23.6% Fib retracement level taken between the last swing high at $384.55 to a swing low of $190.05.
ETH/USD daily chart
Chart source: Tradingview
Impressively, the breakout at the beginning of August has been strong enough to sustain gains above $200. Attempts to break above the hurdle at $240 rendered unsuccessful. Besides, the 100-Day Moving Average currently at $242.58 limits gains.
A break above both of these hurdles could relaunch Ethereum towards the 50-Day Moving Average currently at $260. Moreover, buyers are looking forward to pushing the price above $300 in the coming sessions this month.
In a technical perspective, Ethereum bulls have the upper hand and are likely to continue influencing Ethereum’s course in the coming sessions. The Moving Average Convergence Divergence (MACD) currently revived uptrend towards the positive region signals building bullish pressure. In addition to that, the indicator’s increasing bullish divergence further encourages the bulls to increase their positions.
In terms of support, $220 is a significant area with a high concentration of buyers. An extended leg south will embrace the support at $200. However, the major support area is $190 with $140 being the primary support area.
Ethereum Key Technical Levels
- Support Areas: $220, $200 and $190.
- Resistance zones: $$230, $240 and $260 (50-Day MA).
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