Ethereum price analysis: Bulls hibernate to nurse wounds

Unlike Bitcoin price, which is still sliding lower, Ethereum bottomed out during the declines on Wednesday. The devastating drop failed to support at $200 and $190. Likewise, the bearish trend tested the previous lows at $168 giving way for the buyers to reverse the trend. While the downward trend has come to a halt, the journey to the upside is not without obstacles. Ethereum tested $180 before retreating to the drawing board.

The sideways trading means that the battered bulls have decided to hibernate as they plot a move against the bears. Ethereum is trading at $178.67, its upside is capped by the hourly 50 SMA currently at $180. The gap between the moving averages is increasing; which says that the bears influence is still present in the market. The initial support at $175 is strong to support the price in the short-term, at least until the close of the session on Friday. A second support is at the recent traded lows, $168. If this level is shuttered, ETH/USD risks a downward spiral to $100.

On the flipside, a bullish breakout is expected at $185 (range resistance) but first, the buyers must sustain growth above $180 (immediate resistance). The 100 SMA will limit gains above $190 on the same range. Ethereum must recover above $200 to come out of the bear streak.

Meanwhile, indicators are positive with the MACD making a nice pullback from the bottom, -7.36 mark. The signal line is ranging faintly below the mean line. The RSI, on the other hand, is horizontal at 50%. As mentioned before the sideways trend will progress in the coming session as we usher in the weekend trading.

ETH/USD 60' chart