Ethereum price analysis: Volatility ousted after recovery above $200
|- The cryptocurrency market adds $2 billion in 24 hours as digital assets recovery slightly.
- Ethereum tested the resistance at $218 before retreating below $210.
- Positive buy signals give buyers hopes for a correction above $210 in the short-term.
The market recovered slightly over the last weekend. The majority of assets have reclaimed the support areas broken during the declines at the beginning of last week. Ethereum (ETH), for example, broke the support range at $200 and test the next support at $190. The journey for recovery towards $200 encountered hurdles at $197 and $199. However, the bulls increased their grip on the price yesterday as Ethereum broke above $200.
A further upside correction recorded gains past $215. Moreover, ETH/USD test $218 before retreating below $210. At press time, Ethereum is seen trading at $208 while confined on a triangle pattern that is approaching a breakout. The 50 simple moving average is also capping the gains.
If the buyers can pull the price our beyond the triangle resistance, ETH/USD will revamp the trend towards $220. On the flipside, the bullish trendline is offering support a little above the 100 SMA. This support is very vital because if broken, the crypto will continue to trim gains to $200 and eventually retest the support at $190. The chart outlook is still positive as the bulls fight to capitalize on the positive buy signals from the RSI at 42.85 and the MACD; holding tight on the mean line.
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