- The bear pressure squeezed the price past $200 for the second time in July.
- Ethereum is trading between the moving average support and resistance.
ETH/USD trading pair has appreciated in value following the rebound from the lows experienced on Tuesday. Gaining 2% on the day, Ethereum is among the recovery leaders. The bear pressure squeezed the price past $200 for the second time this month.
Previously, Ethereum found support at $190 giving way for gains that hit a snag at the 38.2% Fib retracement level taken between the last swing high of $235.90 to a swing low of $190.80. The plunge yesterday embraced the support at $195 and ETH/USD recovered above $200.
Meanwhile, the price is dancing with $203 after retracing from the short-term resistance at $205. At the moment, Ethereum is trading between the moving average support and resistance where the 50 Simple Moving Average is providing support at $200 while the 100 SMA 15-mins is limiting upward movement at $207.
Indicators are slightly bullish sending positive signals. The Relative Strength Index is moving sideways at 60 suggesting sideways trading between the resistance at $205 and support at $200. The sideways trading is also emphasized by the horizontally sloping Moving Average Convergence Divergence (MACD).
ETH/USD 15-mins chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.