ETH/USD bulls shifting focus to $220

  • Ethereum is forced to deal with shrinking volume and low volatility after recovery stalled under $200.
  • Ethereum has a short-term bearish bias but the MACD in both the daily and 240-minutes range suggests a long-term bullish trend.

Spot rate: $192

Trend: Bearish

Support: $190 and $180

Resistance: $200 and $220

Volatility: Low

Volume: Shrinking 

BTC/USD daily chart

In spite of the failure to breach $200 resistance, the Moving Average Convergence Divergence (MACD) positive suggest incoming bullish movement.

The Bollinger Band daily middle and the 50-day Simple Moving Average in line to offer support in the event ETH/USD reverses towards $180.

ETH/USD 240’ chart

Ethereum price trending higher within a rising channel that has been tested severally on both sides.

The MACD positive divergence signifies that the buyers have the energy to action above $200.

ETH/USD 60’ chart

Ethereum breaks under the accelerated trendline (dotted) as short-term bulls take over control.

The main trendline (continuous) will come in handy later if the losses continued under $190.

 

 

Crypto Destroyer

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