Can Ethereum Price Mimic Bitcoin’s Surge Past $9k To Clear $230 Resistance?

ethereum

  • Ethereum falls behind Bitcoin in the recovery on Thursday but remains bullish in the range above $220.
  • ETH/USD is looking forward to a wedge pattern breakout likely to correct the losses made in the last one week.

The bulls seem to be making a comeback across the board in the cryptocurrency market. Ethereum price has remained bullish in the range between $230 and $220 in the last three days. However, the crypto still lacks the energy to push and sustain gains above $230.

Bitcoin price, on the other hand, has made a surprise move above the key $9,000 level. The largest digital assets by market capitalization recovered from the losses recorded above $8,400. The surge above $9,000 means that buyers are gradually returning to the market and more gains could be expected in the coming sessions.

Ethereum price is trading at $227 at the time of writing. The biggest question is; can ETH/USD follow in the footsteps of its elder sibling to soar above $230? This question can be answered by looking at the odds from a technical point of view.

The Relative Strength Index (RSI) has slowed down the up-trending motion from a recent dive to 42.95. The indicator is holding the ground just under the average (50). A horizontal movement appears to be taking over, signaling that the sideways action could take precedence.

ETH/USD daily chart

ETH/USD price chart
ETH/USD price chart by Tradingview

Falling Wedge Pattern Breakout Lags

The formation of a falling wedge pattern is the light at the end of the tunnel for the bulls. However, a breakout is still waiting in the sidelines. A break above the 23.6% Fibo of the last drop from $290 to $209.80 could finally pave the way for gains above the wedge pattern. Meanwhile, support at $220 will continue to hold in the near term as the fight for recovery continues.

ETH/USD Key Levels

Spot rate: $

Relative change:

Percentage change:

Support: $220 and $210

Resistance: $230, $240 and $250

Trend: Ranging