Ethereum price analysis: Could this a reversal cancel gains to $200
|- Positive messages from experts resulted in Ethereum nice recovery from the pits below $170.
- Ethereum is risking a trip back to $200 is a support is not formed at $212.
Ethereum has come under heavy pressure in the past couple of weeks. Mostly fueled by negative news surrounding the platform. However, the experts in the Ethereum community have been fighting to clear the FUD with the intentions to purge the market of the fear, doubts, and uncertainty. The positive messages resulted in Ethereum nice recovery from the pits below $170.
Ethereum added over 10% on Thursday in addition to a break above $200. The trading on Friday has been bullish since the Asian trading hours. Similarly, ETH/USD approached $220 but corrected lower on failing to jump above the level. The price has been using the trendline as a support since the bounce that began around $170. If the trendline support is broken at $212, Ethereum is likely to cancel the gains.
There is a short-term support that has been established at $205 and $190 respectively. However, $170 is the nearest strong support. The trend is positive but it is turning bearish with each passing minute. The stochastic, for example, is retreating from the oversold while the MACD has begun heading south, although it is still in the positive zone (5.9).
ETH/USD 1-hour chart
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