Ethereum Price Analysis: ETH/USD Recovery Could Be Sabotaged By Rising Triangle Pattern
- Ethereum price settles above $200 but recovery faces increased selling activity at $205.
- ETH/USD could refresh the support at $190 once again if the critical level at $200 and the triangle support give in.
Ethereum price is leading recovery among the top three digital assets. After opening the session on Monday above at $199.59, the bulls pulled the price above $200. An intraday high has been formed at $204.43 (current immediate resistance). Ethereum is valued at $203.22 at the time of writing, representing a 1.82% growth on the day.
Looking at the 2-hour chart, the price is trading between the 200 Simple Moving Average (SMA) support and the 50 SMA resistance. The narrowing gap between the moving averages hints towards a growing sellers’ grip. The growth above $200 appears to be in jeopardy especially with the RSI’s uptrend action stalling short of 50.
ETH/USD 2-hour chart
Marginally above the market value, is the aforementioned resistance between $204 (intraday high) and the 50 SMA ($205) in the 2-hour range. To sustain the uptrend that started after Ether tested $190 support last week, the resistance at the 50 SMA must come down. This will allow the bulls to focus on higher resistance at $210, $215 and $220 respectively.
Taking into account a wider perspective, Ethereum is not in the clear yet despite the recovery from $190. The triangle resistance at $215 has to be broken for more sustained and guaranteed price action towards $230 and $250. On the other hand, a triangle support breakdown still in the event the critical level at $200 fails to hold.
Ethereum Key Intraday Levels
Spot rate: $203.22
Percentage change: 1.82%
Relative change: 6.66
High: 204.43
Low: 198.05
Trend: Bearish
Volatility: Low
ETH/USD could refresh the support at $190 once again if the critical level at $200 and the triangle support give in.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Mon, 25 May 2020 09:00:55 +0000
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