- Ethereum losses touched $202 before reversing the trend upwards.
- The technical picture has a bullish bias especially with most of the technical indicators sending out positive signals.
Ethereum recovery is lagging behind the other top three digital assets. Bitcoin is up 4.3% and has zoomed above $10,600 while Ripple is trading at $0.3176 after correcting 4.37% up on the day. Ethereum has added only 2.34% to its value on the day after the losses that almost touched $200.
As discussed earlier, Ethereum formed a low at $202.86 before reversing the trend to the upside. The initial break above $220 struggled with the resistance at $230. However, on clearing the 21 Exponential Moving Average (EMA) hurdle at $229, the price stepped above the $230 hurdle and formed an intraday high at $234.39.
The technical picture has a bullish bias especially with most of the technical indicators sending out positive signals. The Moving Average Convergence Divergence (MACS in the 15-mins range divergence is rising toward the mean line to show that buyers have the upper hand. The gradually upward slopping Relative Strength Index (RSI) suggest a continued movement north in the near-term.
As far support areas are concerned 21 EMA 15-mins is the initial support level as well as $220 and $210. Today’s low at $202 will be the last resort in case of declines heading to $200.
ETH/USD 15-mins chart
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 assets. 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 Open Markets 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.