Ethereum price analysis: ETH/USD maintains a ‘buy’ rating despite recovery from $190
|- Ethereum recovers to assault $220 resistance twice but a bearish bias still exists.
- Ethereum still has a ‘buy’ rating following the breakdown from the highs above $300.
Ethereum has in the past few days come under heavy selling pressure. The crypto plunged from levels above $300 and explored how deep the rabbit hole goes under $200. Support established at $190 allowed the bulls to take over control and push for gains above $200.
The second-largest crypto touched $220 hurdle yesterday but dwindling buying pressure resulted in a correction that found balance above the rising trendline aided by the 100 Simple Moving Average (SMA) 15-mins. Meanwhile, the bulls not ready to give up control pushed ETH/USD above $220 on Thursday during the European session.
Also read: Coinshares: Bitcoin and Libra are primarily different
At press time, Ethereum is valued at $215 with its immediate downside protected by the 50 SMA 15-mins as well as the ascending trendline. Technically, ETH/USD has a bearish bias in the near-term. The Moving Average Convergence Divergence (MACD) grinding towards the mean line after the rejection at +2.19. Crossing into the negative zone could encourage the sellers to increase their positions further pulling the price towards $200.
Ethereum still has a ‘buy’ rating following the breakdown from the highs above $300. Besides, Ethereum demonstrated the ability to reverse the bear moment in 2018 by trading above $360. Therefore, investors still believe the potential for growth is still immense.
ETH/USD 15-mins chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.