Ethereum technical analysis: Bulls recover as ETH/USD approached $200, bears attempt comeback


  • ETH/USD price recovered to $228 after it dropped down to $203 this Monday.
  • Bears are attempting a comeback in the short-term.

ETH/USD daily chart

ETH/USD found resistance at $275-level and plummetted down to $226.50, losing 17.65% of its price in the process. This Monday, the price initially dropped down to $203. After that, the bulls entered the market and took it up to $228. The daily price chart is still trending below the 200-day simple moving average (SMA 200) curve, but it’s currently below the SMA 20 and SMA 50 curves. The relative strength index (RSI) curve is trending around 34.85, right next to the oversold zone. 

ETH/USD 4-hour chart

The 4-hour ETH/USD market was trending in an upwards channel formation when it met resistance at the $232.75-level and dropped down. The price was trending below the lower curve of the 20-day Bollinger band, indicating that it was undervalued, before a sustained bullish sentiment pushed it back inside the band.

Both the SMA 20 and SMA 50 curves crossed over the SMA 200 curve, which is a bearish sign. The moving average convergence/divergence (MACD) indicator shows that the signal line is about to cross over with the MACD line, indicating that market momentum is reversing from bearish to bullish.

ETH/USD hourly chart

The hourly market is trending in a triangle formation and is getting primed for a breakout. The hourly market was trending upwards when it finally found resistance at $235.50 and then went down. The fascinating thing to note is that the 4-hour market was trending horizontally when it suddenly plunged from $265 to $242. After that, it again trended horizontally, when it fell to $211. That was when the bulls stepped in and took the price up to the $235.50 resistance level.

The Elliot wave oscillator shows a bearish session following 18-straight bullish sessions. After the single bearish session, the market had a bullish session.

Key Levels

ETH/USD

Overview
Today last price 229.96
Today Daily Change 3.97
Today Daily Change % 1.76
Today daily open 225.99
 
Trends
Daily SMA20 294.56
Daily SMA50 270.43
Daily SMA100 220.26
Daily SMA200 174.13
Levels
Previous Daily High 269.47
Previous Daily Low 222.69
Previous Weekly High 318.46
Previous Weekly Low 262
Previous Monthly High 363.54
Previous Monthly Low 226.48
Daily Fibonacci 38.2% 240.56
Daily Fibonacci 61.8% 251.6
Daily Pivot Point S1 209.3
Daily Pivot Point S2 192.6
Daily Pivot Point S3 162.51
Daily Pivot Point R1 256.08
Daily Pivot Point R2 286.17
Daily Pivot Point R3 302.87

 

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Sellers come in ahead of 10,500

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. 

More Bitcoin News

XRP pushes to session highs but a key level is in sight

XRP/USD pushes to session highs. Key resistance level is in sight. 0.300 still seems the like the long term target for bulls.

More Ripple News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP