Ethereum price analysis: ETH/USD frail recovery losses steam short of $200
|- Ethereum on its feet again but still limited below $200.
- ETH/USD is holds on to $196 following a 3.7% on a daily basis.
The bulls in the market are back to revenge after they suffered under the heavy battering on Thursday. The market is in the green today giving investors an assurance and a ray of hope that recovery is not far off. The declines that dominated the market yesterday were huge step back for most cryptocurrencies but particularly crippling for Ethereum.
The crypto currency broke below the lifeline support at $205 and gave a blind eye to the primary support at $200. Moreover, the bears extended their grip on the price and Ethereum culminated in losses below $190. ETH/USD found ETH/USD is up 3.7% on the day. The upside has, however, been limited below $200. And Ethereum is holding on to $196 at press time.
The road to recovery will not be an easy one for Ethereum buyers but a correction above $200 is vital for higher movement. The trend is bullish on the chart; the RSI has emerged from the oversold section while the MACD is making its way upwards, even though it is still in the adverse zone.
The price is trading below the moving averages, this means that Ethereum is not out of the danger. In addition, the long-term bearish trendline will limit gains towards the broken channel support and the level at $250.
ETH/USD 1-hour chart
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