ETH/USD Technical Analysis: Will we close above 200.00 today?

As general crypto sentiment is lower today ETH/USD breaks back below 200.00
Yesterday's close above 200.00 has been negated as the price moved back below
Intraday price action is showing some bullish signs

Rajan Dhall, MSTA FX Daily

The chart above is the ETH/USD daily chart and it looks like traders are rejecting to 200.00 level at the moment. The past two sessions have seen the Ethereum price move from a low of 183.31 to a high of 203.91 on Monday. It seems interesting that the price has come back below as we had a close above the psychological 200.00 yesterday but the general crypto sentiment is bearish today.

In terms of intraday price action, the 5-minute chart below shows the majority of the volume is supporting downside action. The price has now consolidated after an initial down move between the 200.00 and 196.00 area. The Indicators are now showing some bullish signs as the MACD histogram has moves above the zero line and the stochastics moving averages have also crossed up. Traders will have to see if we can break 200.00 again but if we do it will surely be a bullish signal. Lastly, the trendline on the chart could be broken if the price action improves and this would be the icing in the cake for Ethereum bulls.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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