Ethereum technical analysis: $ 214 is the level to beat for the ETH bulls
|- ETH/USD wavers in familiar range, with a breakout eagerly awaited.
- Daily sticks point to a potential recovery, but 214 levels to limit the upside.
The second most favorite cryptocurrency keeps its overnight consolidative mode intact so far this Sunday, reversing a brief dip to daily lows reached at 206.80 after Bitcoin and major altcoins witnessed some aggressive selling pressure. Despite the latest bounce, the No. 2 digital currency loses -0.60% in the last 24 hours, standing at a market capitalization of $ 22.51 billion.
ETH/USD, 1-hour chart
- The recovery to gain traction only on an hourly close above the 214-stiff resistance.
- Hourly Relative Strength Index (RSI) bounced-off the 50 level and turned higher.
- The bearish trend could resume on a sustained break below the 200 mark.
ETH/USD daily chart
- Trapped in a 3-week long rising channel, awaits fresh breakout.
- 100 & 200-Day Simple Moving Average (DMA) hold the recent trading range.
- 242-245 levels are the levels to beat for the bulls.
- The downside looks more compelling, as the rising channel’s natural tendency favor bears.
ETH/USD levels to watch
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