- Ethereum losses touched $202 before reversing the trend upwards.
- The technical picture has a bullish bias especially with most of the technical indicators sending out positive signals.
Ethereum recovery is lagging behind the other top three digital assets. Bitcoin is up 4.3% and has zoomed above $10,600 while Ripple is trading at $0.3176 after correcting 4.37% up on the day. Ethereum has added only 2.34% to its value on the day after the losses that almost touched $200.
As discussed earlier, Ethereum formed a low at $202.86 before reversing the trend to the upside. The initial break above $220 struggled with the resistance at $230. However, on clearing the 21 Exponential Moving Average (EMA) hurdle at $229, the price stepped above the $230 hurdle and formed an intraday high at $234.39.
The technical picture has a bullish bias especially with most of the technical indicators sending out positive signals. The Moving Average Convergence Divergence (MACS in the 15-mins range divergence is rising toward the mean line to show that buyers have the upper hand. The gradually upward slopping Relative Strength Index (RSI) suggest a continued movement north in the near-term.
As far support areas are concerned 21 EMA 15-mins is the initial support level as well as $220 and $210. Today’s low at $202 will be the last resort in case of declines heading to $200.