Search ForexCrunch
  • Ethereum stalls short of $225 while Bitcoin hits a snag at $9,600; major cryptocurrencies commence gains trimming.
  • Ethereum reversal from weekly highs could embrace confluence support at $220 and $208 respectively.

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600. Ether extended the bullish leg above Thursday’s initial resistance at $210 as well as the coveted $220. The impressive breakout eyed $230 but ETH/USD bulls lost steam short of $225. An intraday high has been reached on Friday at $224.80, leading to a minor retracement to the current market value of $221.

Related content: Bitcoin Price Forecast: Bitcoin BitMEX shorts liquidations explode as the price climbs to $9,600

From a technical perspective, Ethereum is trading above the 61.8% Fib retracement level (daily range) of the last swing high at $291 to a swing low at $90.93. The price is also trading above the 50-day SMA and the 100-day SMA. As the gap widens between the moving averages, buyers keep increasing their positions. Other technical indicators such as the RSI and the MACD stand in favor of the bullish momentum. If the technical picture improves or stays the same, there is a possibility of Ethereum closing the week above $230 and shifting the focus to $250.

ETH/USD daily chart

ETH/USD price chart

Ethereum price confluence resistance and support levels

Resistance one: $229.66 – seller congestion zone highlighted by the previous month high.

Resistance two: $231 – This zone is home to the pivot point one-week resistance two and the pivot point one-day resistance two.

Support one: $220.44 – Highlighted by the Bollinger Band 4-hour upper curve and the previous low 4-hour.

Support two: $208.91 – Home to the SAM five one-day, Bollinger Band 4-hour middle, SMA ten one-day and Fibo 38.2% one-week.