Ethereum price analysis: Could this a reversal cancel gains to $200

  • Positive messages from experts resulted in Ethereum nice recovery from the pits below $170.
  • Ethereum is risking a trip back to $200 is a support is not formed at $212.

Ethereum has come under heavy pressure in the past couple of weeks. Mostly fueled by negative news surrounding the platform. However, the experts in the Ethereum community have been fighting to clear the FUD with the intentions to purge the market of the fear, doubts, and uncertainty. The positive messages resulted in Ethereum nice recovery from the pits below $170.

Ethereum added over 10% on Thursday in addition to a break above $200. The trading on Friday has been bullish since the Asian trading hours. Similarly, ETH/USD approached $220 but corrected lower on failing to jump above the level. The price has been using the trendline as a support since the bounce that began around $170. If the trendline support is broken at $212, Ethereum is likely to cancel the gains.

There is a short-term support that has been established at $205 and $190 respectively. However, $170 is the nearest strong support. The trend is positive but it is turning bearish with each passing minute. The stochastic, for example, is retreating from the oversold while the MACD has begun heading south, although it is still in the positive zone (5.9).

ETH/USD 1-hour chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

BEST BROKERS TO TRADE CRYPTO

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 securities. 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 Forex 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.