Ethereum Price Analysis: ETH/USD rises to $200 for the first time since mid-March crash
|- Ethereum price majestically extends the bullish leg to test the critical level at $200.
- ETH/USD poised for more bullish action despite the rejection at $200 with the MACD in the positive area.
Ethereum price has been very steady in the recovery from lows recorded on March 12. However, the crypto asset has had its fair share of up and downs, especially with the extreme volatility due to the Coronavirus pandemic. At the time of writing, ETH/USD is teetering at $197 after a minor adjustment from $199.26 (intraday high). Ether is facing a growing bearish trend as well as expanding intraday volatility.
The 4-hour chart clearly shows that Ethereum is in the hands of the buyers. While the RSI has not been able to enter the overbought region (starting at 70), it is leveling at 65 in spite of the rejection at $200. On the other hand, the MACD is also moving horizontally within the positive zone. A slightly bullish divergence from the MACD doubles down on the influence of the bulls over the price.
The price is also trading above its moving averages. Besides, aligning themselves to function as key support areas, the 50 SMA and 100 SMA are playing catch-up to the recovering price, signaling Ether’s potential to rise above the critical $200 level. A breakout above the formed bearish pennant pattern resistance will not only place ETH/USD in a trajectory to higher levels but also help avert a possible reversal to support areas at $160 and $140 respectively.
ETH/USD 4-hour chart
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