• ETH/USD recovers from recent loss, the first resistance created by 23.6% Fibo retracement.
  • Upward-looking RSI confirms a bull’s case scenario.

ETH/USD has settled above $167.00 handle to trade at $172.19 by the time of writing. The second largest digital asset with the market value of $18.1 billion has gained over 2.5% since this time on Wednesday and tested $174 handle during early Asian hours. 

Ethereum’s technical picture

On a daily chart, ETH/USD is trading well all moving averages. An upward-looking RSI (the Relative Strength Index) implies that the coin has not exhausted its bullish potential as yet and may retest the recent high of $187.50 (April, 4) in the foreseeable future. Once it is cleared, psychological $200.00 will come into focus, bringing the coin to the highest levels since November 2018.

However, ETH bulls will have to overcome several barriers before they get to the crucial levels. The local resistance is created by $174.40 (23.6% Fibo retracement). It may trigger a short-term correction with the first aim at $164.20 (middle line of 1-day Bollinger Band) and $160.00. This handle is followed by 50% Fibo retracement at $159.78.

ETH/USD, 1D chart 


 

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