- Ethereum price settles above the 50 SMA after recovery from the slide to the $190 support area.
- ETH/USD looks forward to a symmetrical triangle breakout with prospects of beating 2019’s high at $360.
Ethereum price extended the bearish action under $200 on Monday. The cryptoasset tested the support at $190. However, the price did not stay long at the $190 support as buyers swept in to buy low, pushing ETH/USD above $200. Bitcoin is also slightly in the green and seems to be settling above $97,900. Upward movements have been capped under $8,000 despite the recovery from the recent low at $7,650.
At the time of writing, Ethereum price is doddering at $202.18 amid a building bullish momentum. The immediate downside is protected by the 50 SMA in the weekly range. As long as the price stays above the 50 SMA weekly, ETH/USD is likely to remain bullish as the push for a reversal above $220 continues. Farther down, the 21 SMA at $179.65 is in line to stop losses aiming for lower levels beyond $180.
ETH/USD weekly chart
Looking at the Relative Strength Index, Ethereum is likely to settle in a sideways trading action above $200. On the upside, the region at $210 will remain of high interest to the sellers because correction above $220 is likely to improve Ether’s sentiments among investors and eventually pave the way for gains above $250.
The weekly chart also shows Ethereum trading within a symmetrical triangle. Recovery from the current dip has the potential of rising above the triangle resistance. A triangle breakout, coupled with immense bullish volume would increase ETH/USD prospects of rising above 2019’s high at $360 and advancing to levels above $400.
Ethereum Key Levels
Spot rate: $202.18
Relative change: -1.20
Percentage change: -0.59
Support one: $200
Support two: $190
Resistance one: $210