Ethereum Price Analysis: ETH/USD consolidates above $200, sustains uptrend above the trendline


  •  Ethereum price has contained losses above a key ascending trendline despite the recent dip to $190.
  • A pennant pattern likely paves the way for a breakout above $220 as long as ETH/USD volume rises in the coming sessions.

Spot rate: $201

Relative change: 0.66845

Percentage change: 0.39%

Trend: Bullish

Volatility: Low

BTC/USD price chart

ETH/USD price chart

Ethereum price is flirting with $200 following a rejection at $209.62 on Tuesday. The pivotal price action at $200 speaks of the indecision in the market. However, ETH/USD downside is holding above a key ascending trendline. The immediate upside is limited by the 50% Fibonacci level of the last swing high from $289.84 to a swing low of $117.87. The prevailing trend suggests that the sideways action could take center stage in the coming sessions.

ETH/USD 1-hour chart

ETH/USD price chart

ETH/USD is also consolidating in a pennant pattern as the bulls nurture an upward movement. The price needs a boost from increased volume and buying activities to sustain gains not only above $200 but also clear the next hurdle at $210. Recovery from the dip to $190 appears to have stalled (consolidation) at $200 as shown by the RSI and the MACD’s ranging motions at 50 and 0.00 respectively.

ETH/USD

Overview
Today last price 200.83
Today Daily Change 0.21
Today Daily Change % 0.10
Today daily open 200.62
 
Trends
Daily SMA20 234.19
Daily SMA50 220.28
Daily SMA100 181.08
Daily SMA200 180.29
 
Levels
Previous Daily High 206.39
Previous Daily Low 195.81
Previous Weekly High 246.86
Previous Weekly Low 212.38
Previous Monthly High 288.7
Previous Monthly Low 179.06
Daily Fibonacci 38.2% 199.86
Daily Fibonacci 61.8% 202.35
Daily Pivot Point S1 195.49
Daily Pivot Point S2 190.37
Daily Pivot Point S3 184.92
Daily Pivot Point R1 206.07
Daily Pivot Point R2 211.52
Daily Pivot Point R3 216.65

 

 

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