- Ethereum declines find balance at $212; eyes glued on $230 in the near-term.
- Ethereum is bullish in the short-term but long-term the outlook is still strongly bearish.
The market has engaged reverse gears on Thursday. This trend has put investor on the edge after the last four days assured them green light in wait for the end-year run. The crypto market has lost over $5 billion in the last 24 hours due to the trimming and the consolidation activities.
Ethereum recently corrected above the $200 level after an elongated period of being stuck in a range with the upper limit at $197. The digital asset has not been able to recovery above the long-term trendline resistance. However, a short-term look shows that ETH/USD is on track to recover above $230 and presumably test $250.
Meanwhile, retracement from yesterday’s gains found support at $212, read more on the technical picture here. The price is dancing between the moving average support and resistance on the hourly timeframe chart with the 50 SMA limiting gains immediately to the upside while the 100 SMA positioned for support at $212.
The correction from the support has stepped above the 38.2% Fib level between a high of $232.47 and a low of $187.52. A break past the 50 SMA will place ETH/USD on a recovery journey above $230 and the medium-term critical resistance at $250. In the short-term, $300 is out of reach but the potential end-year bull run could see the asset recoil above this level.
ETH/USD hourly chart