Ethereum price analysis: ETH/USD forging a recovery move right under bears' watch

Ethereum buyers do not want to be left behind as a recovery wave sweeps across the market. As discussed in the market update, the market recovered slightly from $247 billion to $250 billion. Moreover, altcoins recovery is significant owing to the diminishing Bitcoin dominance. While Ethereum is the largest cryptocurrency, its recovery is lagging behind coins like Ethereum Classic, Bitcoin Cash and NEM.

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Cryptocurrency market update: Recovery is in order - Bitcoin and Ethereum gasp for air

The intraday charts show Ethereum having increased its value by 2.19% on the day from the intraday low of $240.19. Ethereum extended the declines on Tuesday below $240 support and formed a low at $234.20. This allowed the bulls to put their foot down and push for a reversal forming a new uptrend towards $250.

The struggle at $242 hindered gains during the Asian trading hours today but trading above the 100 Simple Moving Average (SMA) gave the price a boost. ETH/USD stepped above $247 and formed a high at $247.96 before retracing to the current $245.77.

Meanwhile, the price is starting to range between the moving average support and resistance with the 100 SMA offering support currently at $243.69 while the 50 SMA capping gains at $249.53. The ranging RSI 62.85 means that the price will stay above $240 and the upside limited at $250. However, the divergence in the MACD shows that the bulls are gaining traction and hints further growth in the near-term but nothing significant.

ETH/USD 15-minutes chart