- Ethereum sustains gains above $200; eyes glued on $230.
- Defending $220 support is key to the surge above $230 and other levels towards $300.
Ethereum embarked on an impeccable journey of breaking barriers on Friday. Following the extreme selling extravaganza last week, ETH/USD found support at $197. This gave way for a rebound above $200 and later retraced past the 61.8% Fibonacci retracement level taken between the last swing high of $225.84 to a swing low of $197.63.
After reclaiming the support at $220, Ethereum bulls gave the price a push to the intraday highs around $222.85. At press time, ETH/USD is struggling to hold above the critical $220. The prevailing trend is gradually turning bearish especially with the Relative Strength Index (RSI) having hit the overbought region. Retreat from the levels above 70 will encourage the bears to increase their grip.
Initial support is observed at $220 while the next support target is the trendline. The 50 Simple Moving Average (SMA) 1-hour is likely to offer support at $215. A further breakdown will be anchored by the 100 SMA 1-hour currently at $212. On the upside, staying above $220 is key to the surge above $230 and other levels towards $300.