Ethereum technical analysis: $ 214 is the level to beat for the ETH bulls
- ETH/USD wavers in familiar range, with a breakout eagerly awaited.
- Daily sticks point to a potential recovery, but 214 levels to limit the upside.
The second most favorite cryptocurrency keeps its overnight consolidative mode intact so far this Sunday, reversing a brief dip to daily lows reached at 206.80 after Bitcoin and major altcoins witnessed some aggressive selling pressure. Despite the latest bounce, the No. 2 digital currency loses -0.60% in the last 24 hours, standing at a market capitalization of $ 22.51 billion.
ETH/USD, 1-hour chart
- The recovery to gain traction only on an hourly close above the 214-stiff resistance.
- Hourly Relative Strength Index (RSI) bounced-off the 50 level and turned higher.
- The bearish trend could resume on a sustained break below the 200 mark.
ETH/USD daily chart
- Trapped in a 3-week long rising channel, awaits fresh breakout.
- 100 & 200-Day Simple Moving Average (DMA) hold the recent trading range.
- 242-245 levels are the levels to beat for the bulls.
- The downside looks more compelling, as the rising channel’s natural tendency favor bears.
ETH/USD levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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