Ethereum Technical Analysis: Why ETH/USD rebound to $200 is unstoppable?
- Ethereum price surges towards $200 again after bouncing off support at $170.
- ETH/USD is looking forward to a technical breakout at the 50% Fibonacci level as $200 continues to beckon.
Ethereum price recently displayed a show of strength, resilience, and the ability to shake off the selling pressure by breaking several barriers towards $200. Support established at the 38.2% Fib retracement level, taken between the previous drop from $289 to a swing low of $90, re-focused Ether into a recovery path towards the end of last week. ETH/USD soared to highs above $190 but hit a wall slightly above $191.
Due to Bitcoin’s drop to $6,748 on Monday Ethereum retreated and retested support at $170. However, the bears did not get the chance to trap the bulls who reacted by pulling the price above $180. At the time of writing, Ethereum is trading at $185 amidst a growing bullish trend and expanding volatility.
A technical breakout is expected at the 50% Fibo. Besides, stepping above $190 for the second time in less than seven days could give the bulls confidence that $200 can not only be tested but also broken.
From a technical perspective, the RSI and the MACD clearly show that buyers have control of the joystick and are ready to push the throttle forward. Additionally, the widening gap between the 50 SMA and the 100 SMA suggests that the path of least resistance is upwards.
ETH/USD 4-hour chart
