- Ethereum price has contained losses above a key ascending trendline despite the recent dip to $190.
- A pennant pattern likely paves the way for a breakout above $220 as long as ETH/USD volume rises in the coming sessions.
Spot rate: $201
Relative change: 0.66845
Percentage change: 0.39%
BTC/USD price chart
Ethereum price is flirting with $200 following a rejection at $209.62 on Tuesday. The pivotal price action at $200 speaks of the indecision in the market. However, ETH/USD downside is holding above a key ascending trendline. The immediate upside is limited by the 50% Fibonacci level of the last swing high from $289.84 to a swing low of $117.87. The prevailing trend suggests that the sideways action could take center stage in the coming sessions.
ETH/USD 1-hour chart
ETH/USD is also consolidating in a pennant pattern as the bulls nurture an upward movement. The price needs a boost from increased volume and buying activities to sustain gains not only above $200 but also clear the next hurdle at $210. Recovery from the dip to $190 appears to have stalled (consolidation) at $200 as shown by the RSI and the MACD’s ranging motions at 50 and 0.00 respectively.