Support formed at $197 was formidable enough to trigger a rebound earlier this week. Ethereum’s technical picture is bearish in the short-term. Ethereum is still battling the selling pressure despite the short-lived mid-week recovery. The losses towards the end of last week refreshed the losses under $200. Support formed at $197 was formidable enough to trigger a rebound. The impressive gains approached $220 but lost steam around $219. The diminishing buying power led to a correction below the 61.8% Fib retracement level taken between the last swing high at $225.81 to a swing low at $197.66. Moreover, Ethereum broke the ascending trendline support and later extended the lower leg towards $210. At present, Ethereum is trading at $213 above the moving averages. The 50 Simple Moving Average (SMA) 1-hour currently at $212.94 will offer support. The 100 SMA 1-hour currently at $211.20 will offer support as well. Ethereum’s technical picture is bearish in the short-term. The Moving Average Convergence Divergence (MACD) is sliding into the negative region. As the negative divergence increases, sellers continued to tighten their grip. But as long as Ethereum stays above the moving, the potential for recovery is immense. ETH/USD 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next GBP/JPY technical analysis: Moves little post-UK PMI, hangs near multi-month lows ahead of BoE FX Street 4 years Support formed at $197 was formidable enough to trigger a rebound earlier this week. Ethereum's technical picture is bearish in the short-term. Ethereum is still battling the selling pressure despite the short-lived mid-week recovery. The losses towards the end of last week refreshed the losses under $200. Support formed at $197 was formidable enough to trigger a rebound. The impressive gains approached $220 but lost steam around $219. The diminishing buying power led to a correction below the 61.8% Fib retracement level taken between the last swing high at $225.81 to a swing low at $197.66. Moreover, Ethereum broke the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
