- Ethereum upswing spiked above $200 but lost momentum at the 100 SMA.
- A consolidation is possible at $200 even as the MACD shows that the trend is in favor of the bulls.
Ethereum price is pivotal $200 level after soaring to highs above $205. The bullish momentum which was triggered by Bitcoin’s surge towards $10,000 hit a wall at the 100 SMA in the 4-hour range. A retreat from the weekly highs failed to find support at $200, culminating in an extended action to $197 (intraday low). For now, the price has recovered slightly but still unable to overcome the seller congestion zone at $200.
The 50-day SMA is the key short term support, without it, ETH/USD could spiral to test $190. The RSI in the same 4-hour range appears to have slowed down the bearish momentum. As it seeks reprieve at 55, a sideways price action is anticipated. This way, Ether can start to consolidate the gains accrued from last week’s lows at $180. Buyers will also have time to join the market while shifting their focus to $220 and $230 resistance levels.
Interestingly, the MACD suggests that all hope is not lost for the bulls after all the indicator is comfortably seating above the mean line and features a bullish divergence. In other words, there is still potential and room for growth ahead of the weekend session.
ETH/USD 4-hour chart
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