- Overwhelming support at $200 pushed ETH/USD through $210 and $216 resistances.
- ETH/USD is flirting with $222 within a bullish flag pattern ahead of a breakout.
After finding formidable support at $200 on Wednesday, Ethereum price pulled an incredible move above several key levels. Overwhelming support in the wake of breaking above the 50 Simple Moving Average (SMA) 15-mins and the 100 SMA 15-mins pushed ETH/USD through $210 and $216 seller congestion zones.
The ultimate break above $220 opened the way a mega push towards $230. However, a high was formed at $226 culminating in a shallow retracement. At press time, ETH/USD is flirting with $222 within a bullish flag pattern.
The immediate downside is supported by the 50 SMA 15-mins. A break above the bullish flag pattern resistance will propel Ethereum upwards in continuation of the bullish trend. Glancing higher, $230 is the decision point. Here, ETH will either move towards $240 hurdle or get pushed back to $220 support.
At the moment, it is important to sustain the price above $220 support. Besides, technical levels compel Ethereum into sideways trading. The Relative Strength Index (RSI) is leveling at 60 hence signaling market indecision. The trends of the Moving Average Convergence Divergence (MACD) also point towards a similar direction. If the MACD stays in the positive region and increases the bullish divergence, a correction upwards is possible.
ETH/USD 15-mins chart