Support stabilized at $195 put an end to the selling pressure and deflected a logical dive under $190 and towards the major support at $170.
Ethereum has been tangled within a measure between $215 and $194 during May 2020. It repelled lower today from the $208 level as it touched $205. However, it is crucial to point out that this is not a push from the ETH bears but fairly a result of BTC breach above $9,000 again.
Nonetheless, ETH may move upward, but it however, has to confront the resistance at $220 (1.272 Fib Extension) if it wants to proceed.
Ethereum Technical Analysis
The initial level of opposition lies at $211. Above this, resistance is found at $220 (1.272 Fib level), $225, and $230 (1.414 Fib level). This is pursued by more resistance at $244 (bearish .786 Fib Retracement).
On the other side, the first level of support lies $202 (.236 Fib Retracement). Below $200, expanded support is found at $194, $187 (.382 Fib Retracement), and $180 (200-days EMA).
The RSI propels out above the 50 point as the bulls refuse to give up on their grip of the market propulsion.
Meanwhile, ETH/USD is trading at $206 after slumping over 1.5% to its value on the day. Ether made several attempts to strengthen gains above $210 this week but the seller contestion at $212 did not give the bulls a chance at making a run.
At the time of writing, Ethereum is moving within the range of the 50 Simple Moving Average (SMA) resistance level ($209.27) and 100 SMA level (currently at $198.22).
A horizontal trading action appears most likely, particularly with the Relative Strength Index (RSI) which starts to move laterally at the average (50).
However, if the ongoing bullish interest stays put, then there is an opportunity that the price could run through higher as the bull’s intent for a falling wedge pattern escape.
On the other hand, Bitcoin (BTC) is nearing its 2020 halving. Although the cryptocurrency has risen into the $9,000 range, a pre-halving escape above $9,500 will definitely set further targets at $10,000. If this breakthrough is achieved, Ethereum may likely follow suit.
If the Bitcoin price rallies before Monday, Ethereum could also erupt upwards due to the correlation; bonded with the described falling wedge pattern getaway.
On the upside, $240 is the medium-term mark but the potential to hit levels towards $300 is huge, especially in this halving period.
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