Ethereum price analysis: ETH/USD recovery to May 2019 highs will be an uphill task
- If ETH/USD manages to step above $240, the 100 SMA will hinder growth at $257.
- Ethereum must clear the resistance at $260 in order to come out the bearish range.
Investors hope of seeing Ethereum above $300 was dealt a blow during last weekend trading. Ethereum failed to hold the gains above $250 as we had discussed in the price analysis on Friday. Instead, the crypto plunged below the key support at $230.
Ethereum formed a low at $226.87 where a bullish momentum is emanating at the time of writing. ETH/USD is changing hands at the 61.8% Fib retracement level taken between the last swing high at $288.43 and lows of $149.73 around $235.83.
The recovery appears to be supported by the Relative Strength Index signal which is heading towards the 50 average. The MACD is unable to cross above the mean line which means the sellers’ influence is still present.
Marginally above the current value, the 50 Simple Moving Average (SMA) 1-hour is limiting movement. If ETH/USD manages to step above $240, the 100 SMA will hinder growth at $257. However, Ethereum must clear the resistance at $260 in order to come out of the bearish range and relaunch the journey towards $300.
ETH/USD 4-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
