- Ethereum forcefully approached the $200 levels during the recent Bitcoin-driven rally.
- The extremely high volatility coupled with indecision is likely to send ETH/USD towards the key support at $155.
Spot rate: $9,223
Percentage change: 2.2%
Relative change: -206
Trend: Bullish
Volatility: High
ETH/USD daily chart
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Ethereum price renewed bullish interest gradually loses steal after failing to break above $200.
The immediate downside is supported by the 50-day Simple Moving Average (SMA) while the 100 SMA limits movement towards $200.
Read also: Cryptocurrency market update: Major cryptos retreat
ETH/USD four-hour chart
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The continuing expanding symmetrical triangle pattern hints that a devastating breakdown is around the corner.
In the short-term, the price will trend higher especially with the 50 SMA crossing above the 100 SMA.
ETH/USD one-hour chart
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ETH/USD struggles to regain the position above the broken ascending triangle pattern.
The 50 SMA comes out as key support for the ongoing bullish correction.
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