Ethereum price analysis – ETHUSD attempts recovery above $200
Ethereum price is attempting to recover earlier losses after the second-largest cryptocurrency found strong technical support from just above the $200.00 level.
ETH/USD daily chart
ETH/USDE found resistance at $275-level and plummetted down to $226.50, losing 17.65% of its price in the process. This Monday, the price initially dropped down to $203. After that, the bulls entered the market and took it up to $228. The daily price chart is still trending below the 200-day simple moving average (SMA 200) curve, but it’s currently below the SMA 20 and SMA 50 curves. The relative strength index (RSI) curve is trending around 34.85, right next to the oversold zone.
ETH/USD 4-hour chart
The 4-hour ETH/USD market was trending in an upwards channel formation when it met resistance at the $232.75-level and dropped down. The price was trending below the lower curve of the 20-day Bollinger band, indicating that it was undervalued, before a sustained bullish sentiment pushed it back inside the band.
Both the SMA 20 and SMA 50 curves crossed over the SMA 200 curve, which is a bearish sign. The moving average convergence/divergence (MACD) indicator shows that the signal line is about to cross over with the MACD line, indicating that market momentum is reversing from bearish to bullish.
ETH/USD hourly chart
The hourly market is trending in a triangle formation and is getting primed for a breakout. The hourly market was trending upwards when it finally found resistance at $235.50 and then went down. The fascinating thing to note is that the 4-hour market was trending horizontally when it suddenly plunged from $265 to $242. After that, it again trended horizontally, when it fell to $211. That was when the bulls stepped in and took the price up to the $235.50 resistance level.
The Elliot wave oscillator shows a bearish session following 18-straight bullish sessions. After the single bearish session, the market had a bullish session.