Ethereum price analysis: ETH/USD settles above $180 amid broad-based cryptocurrency recovery

Ethereum bulls are gradually making a comeback into the market. This follows several days of hibernation due to the battering they received last week. Ethereum from being one of the best performing altcoins in September by stepping above $220 plunged massively rendering tentative support areas at $200, $180 and $160 useless. A low formed at $152.50 saved the bulls from more gravitation, in turn, giving way for a shallow correction.

For several days last week including the weekend session Ethereum remained lethargic in the recovery movement. The upside strongly capped under $180 while the downside protected above $160. However, the bullish wave across the market on the last day of September pulled ETH above the simple moving averages (both the 50 SMA on the hourly chart and the 100 SMA).

The bullish action extended above $180 (broken support), a move that set the ground for the current correction towards $190. Meanwhile, ETH/USD is trading at $184 while hitting on the resistance around the Bollinger Band four-hour upper curve.

The high volatility presents many trading activities coupled with the relative strength index trend currently making entrance into the overbought (region above 70). At the same time the moving average convergence divergence (MACD) suggests that the bulls control over the price. Correction above $190 will bring $200 hurdle closer into sight.

ETH/USD 60' chart