- Ethereum recovers slightly to settle above $200 following a dip to $190 support.
- ETH/USD could entertain a sideways price action in the near term according to both the RSI and the MACD.
Ethereum bulls are focused on holding the price above $200 from the first day of this week’s trading. From the opening value of $199.59, the world’s largest altcoin has extended the bullish action to $203.05 (intraday high). At the time of writing, Ether is trading 1.46% higher on the day. It is valued at $202.51 amid a building bullish trend and heightened volatility.
The daily chart shows Ethereum trading above the moving averages. With the 50-day SMA widening the gap above the 200-day SMA, Ether is likely to force the price towards $210. However, according to the RSI and the MACD, sideways price action could take precedence in the coming sessions. The RSI is currently moving horizontally, slightly above the average (50) while the MACD is leveling marginally above the mean line.
On the upside, buyers will face the sellers’ wrath in the attempt to reclaim the position above the ascending channel support, $210, the Fibo 61.8% as well as $220. On the downside, support is expected at $200, the confluence formed by the Fibo 50%, and the 50-day SMA. Other key areas of interest including $180, the 200-day SAMA and $140.
ETH/USD daily chart
Ethereum daily levels