- Ethereum is in a recovery trajectory towards the critical $200.
- Expect Ethereum to gradually slide upwards in the sessions ahead ow the weekend.
After testing the support at $180, Ethereum is in a recovery trajectory towards the critical $200. Although, reports have indicated that Ethereum breaking away from the altcoin s to become independent crypto like Bitcoin, the situation in the past week has not demonstrated that angle of reasoning. Instead, ETH has plunged in tandem with Bitcoin while leading the altcoin park in refreshing major support areas.
Meanwhile, ETH/USD recovery stepped above $190 following the formidable recovery from $180.01 weekly low. The daily chart shows an asset that Ether is sitting in a bullish zone after conquering $190 hurdle. However, the upside is limited by the long-term descending trendline.
Read also: Bitcoin and gold great hedgers against the looming global recession: Australian publication
From a technical perspective, the Relative Strength Index (RSI) is above the oversold. Besides, the gradual slope upwards shows that the buyers have the upper hand. The Moving Average Convergence Divergence (MACD) is still in the negative region but at a higher level compared to mid-August. This means that we can expect Ethereum to gradually slide upwards but take note, no huge strides in the near-term.
ETH/USD 1-hour chart
-637021520908248032.png)
Share
