- Ethereum price faces key resistance at $220 ahead of the main seller congestion zone between $300 and $320.
- The bulls remain relatively in control over the price despite the retreat from the recent high at $231.
Spot rate: $218
Relative change: -4.2
Percentage change: -191%
Trend: Strongly bearish
Volatility: High
ETH/USD weekly chart
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The break above the main trendline resistance still possesses the potential to face the medium-term resistance at $220 – $240. However, to be on the safe side, buyers should pull up and sit above the $220 support area.
ETH/USD daily chart
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Ethereum’s retreat is likely to continue gaining momentum with the next target set at $200 especially if the RSI dips under the overbought region. Higher movements above $220 will encounter more resistance in the range between $230 and $240.
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