Ethereum technical analysis: Is the $200 critical level within reach?

Ethereum forcefully approached the $200 levels during the recent Bitcoin-driven rally.
The extremely high volatility coupled with indecision is likely to send ETH/USD towards the key support at $155.

John Isige FXStreet

Spot rate: $9,223

Percentage change: 2.2%

Relative change: -206

Trend: Bullish

Volatility: High

ETH/USD daily chart

Ethereum price renewed bullish interest gradually loses steal after failing to break above $200.

The immediate downside is supported by the 50-day Simple Moving Average (SMA) while the 100 SMA limits movement towards $200.

ETH/USD four-hour chart

The continuing expanding symmetrical triangle pattern hints that a devastating breakdown is around the corner.

In the short-term, the price will trend higher especially with the 50 SMA crossing above the 100 SMA.

ETH/USD one-hour chart

ETH/USD struggles to regain the position above the broken ascending triangle pattern.

The 50 SMA comes out as key support for the ongoing bullish correction.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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