ETH/USD bulls stop short of $200.00, the upside momentum remains strong

Fibo Quantum

  • ETH/USD has resumed the recovery on Sunday.
  • Critical barrier $200.00 is within reach, may be taken out after a short correction.

After a short period of consolidation, ETH/USD resumed the recovery. The second-largest digital asset stopped within a whisker of $200.00 and reversed to the downside. At the time of writing, the coin is changing hands at $198.50 amid a strong bullish trend. ETH/USD has gained 2% since the beginning of the day and 1.3% in the recent 24 hours

ETH/USD: Technical picture

On the intraday charts, ETH/USD is ripe for the downside correction as 1-hour RSI reversed to the North from the overbought territory. The price returned to the area below the upper line of the 1-hour Bollinger Band and may extend the correction towards $195.00. This local support is created by the middle line of the 1-hour Bollinger Band. If it is broken, the sell-off may continue towards 1-hour SMA50 at $192.60 and $190.00.

On the upside, ETH has a chance to retest $200.00. Once this psychological barrier is out of the way, the recovery is likely to gain traction with the next focus on weekly SMA100 at $21 and SMA200 on approach to psychological $250.00. 

ETH/USD 1-hour chart