- Ethereum is holding big gains of over 12% late in the session on Wednesday.
- ETH/USD bulls have managed to conquer the $200 price territory, after some initial difficulty.
- The next major barrier to breakdown remains in and around $250 region.
Ethereum encountered much buying pressure on Wednesday. The bulls have made a firm move and clearance away from the big psychological $200 price mark. In the latter stages of the day, ETH/USD was holding gains of over 12%.
ETH/USD is running with strong upside momentum; gained a whopping 65% since the start of May. The price has rallied over 150% from the begging of the year, proving a huge recovery is well and truly on.
In terms of the key levels to note via the daily confluence detector, to the upside; $248.75, daily pivot point resistance. To the downside; $236.15, daily pivot point support, $233.62, $226.06 daily pivot point support.
ETH/USD daily confluence detector