Ethereum market update: ETH/USD bears scatter on reclaiming $200 support

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  • The bear pressure squeezed the price past $200 for the second time in July.
  • Ethereum is trading between the moving average support and resistance.

ETH/USD trading pair has appreciated in value following the rebound from the lows experienced on Tuesday. Gaining 2% on the day, Ethereum is among the recovery leaders. The bear pressure squeezed the price past $200 for the second time this month.

Previously, Ethereum found support at $190 giving way for gains that hit a snag at the 38.2% Fib retracement level taken between the last swing high of $235.90 to a swing low of $190.80. The plunge yesterday embraced the support at $195 and ETH/USD recovered above $200.

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Meanwhile, the price is dancing with $203 after retracing from the short-term resistance at $205. At the moment, Ethereum is trading between the moving average support and resistance where the 50 Simple Moving Average is providing support at $200 while the 100 SMA 15-mins is limiting upward movement at $207.

Indicators are slightly bullish sending positive signals. The Relative Strength Index is moving sideways at 60 suggesting sideways trading between the resistance at $205 and support at $200. The sideways trading is also emphasized by the horizontally sloping Moving Average Convergence Divergence (MACD).

ETH/USD 15-mins chart

 

 

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