Ethereum market update: $200.00 is a possibility for ETH/USD

Ethereum price is growing in sync with the market.
A failure to stay above $180.00 will negate an immediate bullish scenario.

ETH/USD jumped back above $180.00 barrier, as the cryptocurrency market sentiments improved following Bitcoin’s move above $8,000.  At the time of writing, ETH/USD is changing hands at $180.90 with the short-term bullish bias. The second-largest digital asset with the current market value has gained 6.5% on a day-on-day basis and 1% since the beginning of the day.

Ethereum’s technical picture

A sustainable move above $180.00 amid growing trading volumes on Coinbase, one of the world’s largest cryptocurrency exchanges, bodes well for ETH bulls. However, we will need to see a strong move above $184.00 (SMA50 (Simple Moving Average) coupled with the middle line of Bollinger Band on a daily chart) to bet of further recovery towards the next critical target of $200.00.  

Considering an upward-looking RSI (the Relative Strength Index), the bullish scenario looks viable at this stage.

On the downside, the short-term selling pressure is likely to increase, once the price slips back below $180.00. This development will allow for a deeper correction towards the next psychological area $170.00 closely followed by Monday’s low of $168.83. Once it is cleared, the sell-off may be extended towards this week’s low of $164.50  and psychological $160.00. 

ETH/USD, one-day chart