ETH/USD hovers above $220; upside capped at $230

Fibo Quantum

  • Ethereum spends the week battling to shake off the bear pressure following the slide under $200.
  • The prevailing trend is bearish; the path of least resistance is downwards.

Ethereum momentum hit a snag at $230 following the impressive recovery witnessed yesterday from the support at $205. ETH/USD has spent most of this week’s trading sessions battling to shake off the selling pressure. Initial support at $190 played was very instrumental in stopping further declines.

Meanwhile, the correction on Thursday covered the ground above $205 and even pushing the price above the key $220. Ethereum inched closer to $230 formed a high at $229.97 before a shallow retracement came into effect. For now, Ethereum is trading at $222 with its downside immediately supported by the 100 Simple Moving Average (SMA) 15-mins.

On the upside, the 50 SMA 15-mins limits movement currently at $223.78. The next hurdle at $225 will pave the way for a second assault at $230. For now, the technical picture has a bearish bias to it. The Moving Average Convergence Divergence (MACD) is crossing lower into the negative while the Relative Strength Index (RSI) has dived sharply towards the oversold.

In terms of support, $215 will try to cushion the drop but significant support lies at $205 and $200 respectively. $190 is still the primary support and the last resort before Ethereum breaks down further towards $150.

ETH/USD 15-mins chart