Ethereum technical analysis: ETH/USD bulls shifting focus to $220
|- Ethereum is forced to deal with shrinking volume and low volatility after recovery stalled under $200.
- Ethereum has a short-term bearish bias but the MACD in both the daily and 240-minutes range suggests a long-term bullish trend.
Spot rate: $192
Trend: Bearish
Support: $190 and $180
Resistance: $200 and $220
Volatility: Low
Volume: Shrinking
BTC/USD daily chart
In spite of the failure to breach $200 resistance, the Moving Average Convergence Divergence (MACD) positive suggest incoming bullish movement.
The Bollinger Band daily middle and the 50-day Simple Moving Average in line to offer support in the event ETH/USD reverses towards $180.
ETH/USD 240’ chart
Ethereum price trending higher within a rising channel that has been tested severally on both sides.
The MACD positive divergence signifies that the buyers have the energy to action above $200.
ETH/USD 60’ chart
Ethereum breaks under the accelerated trendline (dotted) as short-term bulls take over control.
The main trendline (continuous) will come in handy later if the losses continued under $190.
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