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

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram