Ethereum price spike above the falling wedge pattern resistance stalls at $205 but targets $228.
ETH/USD is gradually turning bullish in the European session after a drab Asian session.
Ethereum has remained stable above $200 in the last 24 hours. After last week’s crash which tested $190 support level, bulls became alert and have been working tooth and nail to sustain the uptrend. On Monday and Tuesday, recovery stalled short of $205 (current stubborn resistance). Ether has a market value of $203 at the time of writing. Buyers are focusing on breaking the week’s hurdle at $205; a move that is expected to place the price in trajectory to $228 (April high).
What Next After The Falling Wedge Pattern Breakout
A falling wedge pattern is used in technical analysis to signal a bullish movement following an extended bearish trend. In this case, the hourly chart clearly shows a breakout above the pattern. However, with sellers congested at $205, Ethereum bulls need to work extra hard to increase the volume for a significant movement north.
Ethereum Price Technical Analysis
From a technical point of view, Ether is comfortably in the hands of the bulls. The Moving Average Convergence Divergence (MACD) is about to cross into the positive region. This move could attract more and more buyers to come into the market. With increased volume and a technical breakout, the journey to $228 will be relatively smooth.
ETH/USD 1-hour chart
For now the price is trading between the support and resistance of the moving averages. The 50 SMA is in line to provide support. On the upside, the 100 SMA is standing in the way of action at $204.50. Apart from the support at $200, other areas of interest to the bulls include $195, $190, and $175.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com